Landsec recorded widening full-year losses against a backdrop of what boss Robert Noel described as “well-publicised difficulties in the retail market”.

Landsec has posted a £123m loss before tax in comparison with a pre-tax loss of £43m the previous year, despite an 8.9% uptick in sales to £442m for the year ending March 31.

The retail property group, which operates shopping centres including Bluewater, Westgate Oxford and Trinity Leeds, said it has delivered a “strong year operationally” despite the “backdrop of political gridlock and the well-publicised difficulties in the retail market”.

Landesc attributed its increased losses to a “greater fall in the value of our assets” as pressure on its retailers led to “falling rental values and higher vacancies”.

Landsec chief executive Robert Noel said: “We see no near-term improvement in retail market conditions, with CVA activity set to continue. Rental values are likely to decline further in shopping centres and retail parks, though we expect continued rental growth in outlets and select leisure destinations.”

The shopping centre owner said it will refocus its efforts on its London portfolio this year as “assets outside of London reduce”.

“Our activities in London as a percentage of our portfolio will increase in the coming years,” Noel said.

“Much of our portfolio by value and our entire development pipeline is already in the capital and we are alert to further opportunities. Over time, capital allocated to assets outside London will reduce, but we will maintain our focus on experience-led destinations.

“We are clear on what we have to do in the year ahead and beyond. Our targets focus on developments in London – both on-site and in the pipeline – together with further innovation in construction and active evolution of the products and services we offer; improving our retail destinations; and continued leadership on social and environmental sustainability.”