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”.