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Land Securities, or Landsec, the º£½ÇÊÓƵ 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 .

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 last year, while net debt remained largely unchanged at £3,573m compared to £3,594m the previous year.

EPRA earnings, which represent earnings from operational activities, hit £186m in the six months leading up to September 30, a slight dip from £198m in the first half of 2023.

Landsec noted that the property market is starting to find its feet again, with rising rental values pushing up the value of its assets.

CEO Mark Allen expressed optimism about the ongoing trends: "We expect these trends to persist, as customer demand for our best-in-class space remains robust and investment market activity has started to pick up,".

Allen further stated that Landsec has shifted its focus towards "higher-return opportunities" and is confident about investing in this area in the second half of the year.