19th Nov 2025 10:57
(Alliance News) - 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 GBP218 million in the six months to September from GBP109 million the year prior, with underlying profit up 8.4% to GBP155 million from GBP143 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.
By Jeremy Cutler, Alliance News reporter
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