Performance highlights

How we delivered value for shareholders

The key metrics shown here are the main drivers of our most important indicator of progress - total return - which can be seen in the "Highlights" below.

Revenue profit
Revenue profit is our measure of the underlying pre-tax profit of the Company. It increased by 9.0% to £299.4m compared to £274.7m last year. This increase was reflected in our adjusted diluted earnings per share which increased from 35.5p last year to 38.5p.

We aim to deliver a progressive dividend. We are recommending a final dividend payment of 7.4p, taking the total dividend for the year to 29.0p, up 2.8%.

Key Metrics

How we performed

The two total return metrics to the right provide shareholders with the clearest guide to the Company's progress in financial terms. Our Total Shareholder Return for the year was 0.7% and our Total Business Return was 7.9%.



Profit before tax
(including valuation surplus)


Total Shareholder Return


Total Business Return

How we compare

Our Total Shareholder Return in the year of 0.7% compared to a return of 4.0% for the FTSE 100 and -3.2% for the FTSE 350 Real Estate Index. At the property level, our ungeared total return of 7.7% equates to 1.3% relative outperformance versus the IPD Quarterly Universe in the year.

Investment portfolio PERFORMANCE relative to ipd ungeared total return (12 months ended 31 March 2012)


  Over one year to
31 March 2012
Land Securities 100.68
FTSE 100 104.04
FTSE 350 Real Estate 96.76

* Historical TSR performance for a hypothetical investment of £100.
Source: Datastream.

Share price


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