Land Securities' profits are up as the property market shows signs of recovery.

The company has announced pre-tax profits for the year to the end of March were up nearly 15 per cent on the same time last year. mThe figures showed £1.23bn for this year whilst last year it made £1.07bn.

The company said that although the market was still recovering from the economic downturn the signs were much more positive in London where it showed "particularly strong growth prospects."

The company also said that returns on its property investments grew by 17 per cent in the year, while rental values rose by 5 per cent.

The latest good news also means that shares in the company also rose by 7.2 per cent as a result, making it the FTSE 100 index's biggest climber in early trading.

Other property company shares also gained ground, with British Land rising 5.6 per cent.