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Land Securities Group HY Pre-tax Profit Rises

Real estate investment trust Land Securities Group Plc. (LAND.L) reported that its profit before tax for the six-month ended 30 September 2018 rose to 42 million pounds from 34 million pounds in the same period in the prior year, due to higher net rental income and lower costs, primarily net finance expense.

The higher profit before tax drives a 1.7 pence increase in earnings per share from 4.2 pence in the comparative period to 5.9 pence in the six months ended 30 September 2018.

Adjusted earnings per share increased 17.9%, from 25.7 pence to 30.3 pence this period, as a result of the increase in revenue profit and a reduction in the weighted average number of shares in issue.

Chief Executive Robert Noel said, "We remain alert to market risks but are confident in our current positioning and excited about the future."

The company will be paying a second quarterly dividend of 11.3 pence per share on 4 January 2019 to shareholders registered at the close of business on 30 November 2018. This will be paid wholly as a Property Income Distribution. Taken together with the first quarterly dividend of 11.3 pence per share, paid wholly as a Property Income Distribution on 5 October 2018, first half dividend will be 22.6 pence per share, representing an increase of 14.7% and a total payment of 167 million pounds.

Revenue profit for the six months to 30 September 2018 was 224 million pounds, up 10.3% from 203 million pounds. The increase in revenue profit was driven by higher net rental income and reduced costs, in particular interest expense.

Revenue were 378 million pounds, compared to 385 million pounds last year.

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