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Land Securities, or Landsec, the UK property investment trust, has bounced back into profit and ramped up its annual forecast following a surge in occupancy and rental income in London.
The firm announced to the markets this morning that it had swung back into the black for the first half of the year, posting a post-tax profit of £243m, a stark contrast to the post-tax loss of £193m recorded for the first half of 2023, as reported by City AM.
As a result, Landsec has lifted its earnings outlook, predicting full-year figures to match those of last year, which were marred by lower yields due to soaring interest rates, inflation, and a sluggish property market.
Basic earnings per share have climbed to 32.8p, recovering from a loss of 24.4p
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