Land Securities Group (LAND.L) reported a decline in first-half pretax profit to £98 million from £243 million, with EPS falling to 13.0 pence. However, the company posted growth in EPRA pretax profit to £192 million and EPRA EPS to 25.8 pence, alongside increased revenue of £431 million and net rental income of £284 million. The Group now projects current-year EPRA EPS growth to be at the top end of its initial 2-4% guidance, prior to the impact of the QAM sale.
Land Securities Group reported a significant decline in first-half statutory pretax profit to £98 million from £243 million year-over-year, with basic EPS falling to 13.0 pence from 32.7 pence. This statutory decline contrasts sharply with robust operational performance indicated by EPRA metrics, which saw pretax profit increase to £192 million from £186 million and EPRA EPS rise to 25.8 pence from 25.0 pence. The underlying operational strength is further evidenced by a 12.5% increase in revenue to £431 million and a 5.6% rise in net rental income to £284 million for the six months ended September 30, 2025. This suggests that while non-cash or exceptional items may have impacted statutory profit, the core business generating rental income is performing positively. Management has revised its current-year EPRA EPS growth forecast to the top end of its initial 2-4% guidance, excluding the impact from the sale of QAM. This upward revision signals confidence in continued operational momentum and rental income generation, positioning the company favorably within the real estate sector.
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