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(Alliance News) - British Land Co PLC on Monday reported a wider half-year loss, amid falling portfolio values, but it raised its interim dividend and said it is benefiting from the focus areas it has chosen within the wider office, retail and logistics property sectors.
The London-based commercial property developer and investor said in the six months to September 30, pretax loss widened to GBP49 million from a restated GBP20 million a year prior.
Revenue jumped 79% to GBP386 million from GBP216 million. This was thanks to capital and other revenue of GBP174 million, versus no such revenue a year before. On an underlying basis, revenue edged down to GBP212 million from GBP216 million.
The pretax loss resulted primarily from negative valuation movement of GBP201 million, compared to negative GBP189 million a year before. At the same time, financing income plummeted to GBP10 million from GBP151 million, and operating costs increased to GBP100 million from GBP51 million.
Net asset value per share in EPRA NTA terms as at September 30 declined 3.9% to 565p from 588p at March 31.
British Land said its portfolio values were down 2.5% in the recent half-year, with office campuses down 4.0%, but retail parks up 0.2% and London urban logistics up 0.6%.
British Land declared an interim dividend of 12.16 pence per share, up 4.8% from 11.60p a year prior.
The company said it now expects estimates rental value growth at the top end of its previous guidance for financial year 2024 ending March 31. It added that it was comfortable with current market expectations for financial 2024 earnings.
In May, it guided for estimated rental value growth of 2% to 4% across campuses, the same growth in retail parks and 4-5% ERV growth in London urban logistics. On Monday it increased its guidance for retail parks to 3-5%.
British Land shares were up 5.2% to 330.10 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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