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Landsec reports £251M loss for fiscal year ended March 31

Landsec posted a loss of £251 million for the fiscal year ended March 31, as opposed to a profit before tax of £112 million in the prior year due to the cost of refinancing £1.5 billion of bonds.

The company logged a basic loss per share of 32.9 pence, compared to basic EPS of 14.3 pence a year earlier.

The costs have also led to a decline in adjusted diluted net asset value per share of £14.03 during the reporting period from £14.17 in the year earlier, while basic NAV per share also shrunk to £14.18 from £14.58 in the same period.

Meanwhile, Landsec's revenue profit for the fiscal year increased 6.3% year over year to £406 million from £382 million and adjusted diluted EPS came in at 53.1 pence per share, up 9.9% from 48.3 pence in the year ended March 31, 2017.

The group's adjusted net debt and loan-to-value ratio stood at £3.7 billion and 25.8%, respectively, higher than £3.3 billion and 22.2% in the prior year. Cash and available facilities amounted to £1.1 billion.

Additionally, Landsec is proposing a final dividend of 14.65 pence per share, taking the fiscal full-year dividend to 44.2 pence per share, up 14.7% year over year from 38.55 pence, after taking into account the three previous quarterly dividends of 9.85 pence per share. The final dividend will be paid to shareholders July 27, according to the company's latest financial report.

In a separate release, the company named Cressida Hogg nonexecutive chairman, effective at the conclusion of the company's annual general meeting July 12. Hogg will replace Alison Carnwath, who will retire from the board on the day of the meeting.