14th May 2015 07:17
LONDON (Alliance News) - British Land Co PLC Thursday said its net asset value and profit rose in its last financial year, buoyed by portfolio valuation gains, a result it said supported its decision to reposition its property portfolio towards the buoyant property market in London and the South East if England.
The property developer reported a pretax profit of GBP1.79 billion for the year to March 31, up from GBP1.11 billion a year earlier, while its pretax profit excluding non-controlling interest rose to GBP313 million from GBP297 million.
Its EPRA net asset value per share rose to 899 pence, from 688p a year earlier, as it reported a portfolio valuation of GBP13.64 billion, up from GBP11.95 billion. Its total accounting return was 24.5%, up from 20.0%.
British Land said it will pay a final dividend for the last year of 6.92p, bringing the total for the year to 27.68p, up from 27.0p a year earlier. It intends to raise the dividend for the first quarter of the current year to 7.09p, up 2.5%.
"I am particularly pleased with our exceptional leasing activity over the year, which is the clearest indication we are creating environments where people want to work, shop and live. As we look ahead, our results give us confidence we are well positioned for changing trends in the real estate sector: we have a modern portfolio focused on the right locations; a strong balance sheet with a low cost of debt; and an exciting development programme," Chief Executive Chris Grigg said in a statement.
British Land shares were down 0.9% at 852.00 pence early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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