15th Oct 2026 09:11
(Alliance News) - British Land Co PLC on Thursday confirmed its annual guidance, as its new chief executive said the property investor has a "strong platform" for earnings growth and shareholder income.
British Land is a commercial property developer and landlord, focused on office campuses in London and retail parks. Shares traded at 420.81 pence, up 3.2%, in London on Thursday morning. The wider FTSE 100 index was up just 0.4%.
British Land said it expects to report half-year profit growth. For the six months to September 30, it expects to post underlying profit of GBP166 million, a 7.1% rise from GBP155 million a year prior. Underlying earnings per share of 16.1 pence are expected, an increase of 4.5% from 15.4p.
"This reflects like-for-like net rental growth of 12%, development lease-up and cost efficiencies, which more than offset the impact of lower surrender premiums and higher interest rates," the company said.
Property values rose by 1.5% in the first half of its financial year, driven by a 3.0% rise in estimated rental value.
Chief Executive Jo McNamara, who joined the firm last month, said demand for British Land office space has been robust despite "ongoing macroeconomic volatility".
"Our campus developments continue to lease up at record rents, with 1 Broadgate and One Triton Square now fully let and a further 119,000 sq ft under offer at 2 Finsbury Avenue. Meanwhile, our retail parks remain effectively full, with leasing continuing ahead of previous passing rents," McNamara said.
"I am focused on building on this momentum to capture demand and drive rents forward, while ensuring the business is as efficient as possible and allocating capital to deliver the best returns.
"We have a strong platform from which to deliver sustainable earnings growth and attractive, income focused returns for shareholders."
British Land reiterated its view of a full-year financial 2027 underlying EPS of at least 30.5p, up 6%. It expects 3% to 6% EPS growth over the medium-term and estimated rental value growth of 3% to 5% per annum.
British Land will release its full results for the six months that ended on September 30 on November 18.
By Tom Waite, Alliance News editor
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