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Landsec fiscal H1 attributable profit climbs 33.3% YOY

Landsec said its profit attributable to shareholders for the six months ended Sept. 30 amounted to £44.0 million, a gain of 33.3% from £33.0 million in the year-earlier period.

EPS stood at 30.3 pence, versus 25.7 pence in the comparable term.

Pretax profit totaled £42.0 million compared with £34.0 million in the year-earlier period.

Revenue profit grew 10.3% on an annual basis to £224.0 million from £203.0 million, and net rental income grew year over year to £308.0 million from £303.0 million.

As at Sept. 30, the company's total assets equaled £14.32 billion.

In reporting its results, the diversified real estate investment trust stated that its London office development pipeline rose to 2 million square feet, with an estimated cost of £2 billion.

Landsec is planning the launch of its new flexible office product in 2019, which will initially offer 36,000 square feet of space at the 123 Victoria St. property in London.

Landsec noted that it is also preparing plans for "significant" mixed-use developments, including more than 4,000 homes on its suburban London retail sites. At two of the sites, namely Finchley Road NW3 and Shepherd's Bush W12, the company aims to submit planning applications for more than 1,700 new homes in the first half of 2019, with a total development cost of approximately £1 billion.

If a "good" Brexit deal is reached between the U.K. and the European Union in March 2019, the company will launch the development projects in the following 12 to 18 months, London's Financial Times reported, citing Landsec CEO Robert Noel.