Brexit effect less than Land Securities had expected

Land Securities' revenue profit increased by 5.5% to £382m in the year to the end of March.

The group said Brexit had created uncertainty in the London office market which had led to lower occupational demand, falling rental values and a reduction in construction commitments.

But it said while this was happening, it was less than it expected.

Adjusted diluted earnings per share rose by 5.7% to 48.3p, while adjusted diluted NAV per share was down 1.2% at 1,417p.

The group said it continued to proactively manage both sides of its balance sheet and refinanced over £690m of its bonds and extended the term of its debt with the issue of £700m of new bonds.

The group said its LTV remained virtually unchanged at 22.2% and since the year end it had refinanced a further £273m of bond debt.

Chief executive Robert Noel said: "Land Securities has delivered a healthy performance driven by a clear strategy and decisive action.

"Revenue profit is up due to new rents from our successful development programme and reduced interest costs outweighing the impact of last year's disposals.

"Our levels of financial and operational gearing are at historic lows, placing us in an excellent position during a period of geopolitical and economic uncertainty."

At 8:14am: (LON:LAND) Land Securities Group Plc share price was -11p at 1106p