British Land Co PLC on Wednesday reported higher first half profits as rental income growth and lower costs more than offset higher funding costs.
The London-based property development and investment company said IFRS pretax profit doubled to £218 million in the six months to September from £109 million the year prior, with underlying profit up 8.4% to £155 million from £143 million.
Basic earnings per share increased to 21.9 pence from 11.7p, or to 15.4p from 15.3p on an underlying basis.
The dividend was raised by 0.7% to 12.32p per share from 12.24p.
Chief Executive Simon Carter said British Land delivered a ‘good operational and financial performance’, underpinned by the strong occupational fundamentals that support core sectors of prime London office campuses and retail parks.
British Land reported like-for-like net rental growth of 4%, including Campuses at 7% and Retail & London Urban Logistics at 2%.
CEO Carter said this growth, combined with a 12% reduction in administrative expenses, more than offset higher funding costs and delivered earnings growth in the half.
Portfolio occupancy was 95%, with Campuses at 92% and Retail & London Urban Logistics at 98%.
For the full-year, British Land said LFL net rental growth is expected to be around 5% and it reiterated guidance of 3% to 5% per annum estimated rental growth across the portfolio.
British Land said expects full-year underlying EPS of at least 28.5p, which would be flat year-on-year,
with growth of at least 6% expected for financial 2027, and 3% to 6% beyond.
Shares in British Land fell 1.3% at 373.80 pence each in London on Wednesday.
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