News on 16 November 2000
Land Securities which recently acquired Trillium (see
News story) has announced its interim results for the six months ended
30 September 2000. Pre-tax profits went down to £148.5m from £151.7m.
The board recommended an interim dividend of 8.65 pence, up from 8.25
pence last year.
Commenting on the results, Peter Birch, Chairman said: "In today’s
economic environment, the demands from property occupiers are changing
rapidly. As you will see from today’s announcement, we are implementing
our strategy and developing our intellectual capability, to meet these
new challenges."
He added that the group's ability to take on major public sector PFI initiatives,
and hopefully to provide similar solutions for the private sector in the
future, to make property acquisitions of the scale and complexity of One
New Change and to invest in research and development for major technology-based
initiatives demonstrates the opportunities that size and the strength
of balance sheet can provide.
Birch also said the group's plans to separate its portfolio management
and development divisions are underway. The interim reports shows a £2bn
increase in the development programme.
Land Securities is currently a short listed bidder for the London Underground
Property Partnership and BBC PFI projects.
