Land Securities returns to profit, Volex makes two bids for TT Electronics

Land Securities swings back to profit on lower costs and higher rents

Land Securities has returned to profit for the first half of the year, helped by lower costs and higher rents.

The FTSE 100 property company reported a pre-tax profit of £132.8m for the six months to 30 September, compared to a loss of £60.6m in the same period last year.

The company said that its performance had been driven by a 4.1% increase in like-for-like net rental income, which offset a 1.9% decline in the value of its property portfolio.

Volex makes two bids for TT Electronics

Volex has made two bids for TT Electronics, valuing the electronics company at £222m.

The FTSE 250 electronics company said that it had received two offers from Volex, one at 290p per share and one at 300p per share.

TT Electronics said that the board was considering the offers and would make a further announcement in due course.