Retail park developer LXB Retail (LXB) has had a busy year, but much of its work isn't reflected in these full-year results. In particular, the sale of various assets in Greenwich to Aberdeen Asset Management, announced alongside the half-year results in June, should take adjusted book value to 131p, according to house broker Oriel Securities. But the deals are only due to complete this month, so the profits won't flow through to the balance sheet until March.
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As it was, adjusted book value per share stood at 116p at the end of September - up 5 per cent over the year, thanks to various first-half deals. The company expects to have completed the bulk of its development work by September 2014, giving a book value of 165p, forecasts Oriel.