20th Nov 2024 09:35
(Alliance News) - British Land Co PLC on Wednesday highlighted the continued strength of its occupational markets as it expects underlying earnings per share to fall slightly in the current financial year.
The London-based commercial property developer and investor announced a swing to a pretax profit of GBP108 million for the six months to September 30, from a loss of GBP49 million a year ago.
Underlying pretax profit remained unchanged on-year at GBP143 million.
Revenue declined 44% to GBP216 million from GBP386 million a year prior.
EPRA net tangible assets per share rose 0.9% to 567 pence from 562p at March 31.
The company's portfolio valuation edged up to GBP8.87 billion as at September 30 from GBP8.68 billion at March 31.
British Land announced an interim dividend of 12.24p per share, up 0.7% from 12.16p a year ago.
British Land reiterated its estimated rental value guidance of around 3% to 5% growth per year across the portfolio. For financial 2024 ended March 31, it had reported ERV growth of 5.9%.
The company expects underlying earnings per share of 28.1 pence for the financial year ending March 31, down 1.4% from 28.5p in financial 2024.
Looking ahead, Chief Executive Officer Simon Carter said: "While geopolitical risk remains elevated and there has been some volatility around the recent budget and US election, British Land's portfolio is well positioned for the inflection in the cycle. The continued strength of our occupational markets, underpins our guidance of 3-5% rental growth across the portfolio, and our ability to generate attractive future returns."
British Land shares fell 1.8% to 377.60 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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