NORTH-EAST consumers are driving the growth of shopping centre company Land Securities Group.

The group, which owns and operates The Gate leisure scheme in Newcastle, Retail World at Team Valley, Gateshead and The Bridges shopping mall in Sunderland, has announced strong interim profits.

Its figures show that, in the past six months, more than two thirds of retailers in The Bridges registered an increase in sales of 35 per cent, bucking the national trend for a downturn in spending.

Gerald Jennings, regional director for Land Securities, said: "It has been a really good six months for The Bridges, with more and more people discovering for themselves that it has a tremendous mix of high quality national retail brands."

Mr Jennings said that part of the upsurge was due to Sunderland City Council's efforts to regenerate the city.

The Gate, Land Securities' first leisure development, has been shortlisted for the 2003 Leisure Property Awards Best Leisure Regeneration Project. The £80m scheme created 700 jobs on Tyneside.

"The Gate continues to attract the most prestigious names in leisure, and has become a leading part of the vibrant leisure scene in the city," said Mr Jennings.

Land Securities' profit before tax increased by 15.7 per cent to £181.7m, while pre-tax revenue profit was down 3.3 per cent to £168.7m.

The interim dividend increased by 4.2 per cent to 9.9p while the adjusted diluted net asset value increased four per cent to 1264p, compared with 1215p at March 31.