KEITH CRAWFORD | PEEL HUNT
The results are satisfactory, with a first half total shareholder return of 5.4 per cent which will probably stretch to around 11 per cent for the full year. We are advancing our net asset value estimate to March 2014 by 37p, up four per cent against our prior estimate.
ALISON WATSON | LIBERUM SECURITIES
Net asset value came bang in line with our forecast (up 3.8 per cent in the first half), earnings two per cent below and dividend in-line….The company flags the positive input of improving consumer confidence on occupational markets, however this is yet to feed through to retail valuations.
MIKE PREW | JEFFERIES
These are sturdy results showing that the UK commercial real estate cycle is maturing and REITs have to work harder to add value. Land’s early development push is bearing fruit as the business converts capital into operational gearing with a confident outlook for the full year 2014.