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Comparison of Key Figuresclose
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Pre-tax loss


This reflects the impact of economic conditions on the property market, and the unprecedented fall in values in our sector over 12 months.


Total dividend


We reset the fourth quarter’s dividend payment in line with the current economic and market environment, rebasing it at a robust and sustainable level.

Revenue profit


The increase is a result of the lower interest charges. See the financial review for more information.

Chart 1

Land Securities performance versus IPD – ungeared total property return (%)


Chart 2

Dividends and adjusted diluted earnings per share (p)

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Chart 3

Revenue profit (£m)

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Chart 4

Combined portfolio value (£bn)


Chart 5

Five year cumulative valuation surplus/deficit (£m)

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Chart 6

Net assets per share (p)1

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To create sustainable long-term earnings growth for shareholders
  • Sustained real growth in adjusted earnings per share to be at least 3% per annum over rolling three-year periods
  • Annual revenue profit to exceed budget target
  • Normalised adjusted earnings per share growth over three years to 31 March 2009 exceeded RPI by 7.0% per annum
  • Annual revenue profit for continuing operations up 10.6% on prior year, and within 0.1% of budget target
To maximise the returns from the investment portfolio
  • IPD outperformance in each core sector
  • Outperformed IPD sector benchmarks by 2.0% for our London Portfolio, but underperformed by 4.7% on our Retail Portfolio
To manage our balance sheet effectively
  • Sell £1.16bn of assets
  • Achieved £1.125bn of disposals including sale of Trillium Notes
To complete and let our development programme
  • £31m of development lettings and £11m of pre-construction lettings to be completed
  • Developments to be completed on budget and on time
  • Developments completed in the year were, on average, 72% let by year end
  • £11m of development lettings achieved
  • All major construction schemes completed within budget and on time, subject to a 10 day delay on one project. Projects at 10 Eastbourne Terrace, W2; Dashwood House, EC2; Cabot Circus, Bristol; and The Elements, Livingston
Ensure high levels of customer satisfaction
  • Overall customer satisfaction in Retail and London businesses to exceed targets Read more
  • Exceeded targets for shopping centres (score of 4.2 out of 5.0, compared to target of 4.0), and on target for London offices (score of 3.8 out of 5.0, compared to a target of 3.8)
Attract, develop, retain and motivate high-performance teams and individuals Notes
  • Employee engagement to exceed ETS industry benchmark
  • Exceeded with grand mean score of 3.06 (classified as excellent by our external survey provider) compared to 3.03 in prior year
  • On a benchmark basis our score was 2.98 against 2.90