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British Land profits rise 16%

Published 16/05/2016

British Land is the company behind the 'cheesegrater' building in London
British Land is the company behind the 'cheesegrater' building in London

Profits at British Land, the company behind the "cheesegrater" skyscraper in London, rose 16% to £363 million for the full year, but the company also warned of the "adverse impact" of Brexit.

"We remain confident in the underlying strength of the business despite continued global macro uncertainty and the potentially adverse impact of a vote for the UK to leave the European Union," the firm said.

The value of British Land's assets rose 10.9% and occupancy hit 99%, driven by its office and residential properties.

Chief executive Chris Grigg said: "We have delivered another strong set of results, with performance underpinned by strengthening rental growth across our business.

"While we are mindful of the impact of market uncertainty, our high-quality portfolio, flexible development pipeline and robust financial position continue to mean that our business is both resilient and well placed for the long term."

British Land's dividend payment for the year rose 2.5% to 28.36p.

Steve Clayton, head of equity research at Hargreaves Lansdown said the firm possesses a "powerful cocktail" that is helping aid growth.

He said: "Property companies like British Land are currently enjoying good demand from tenants and property investors alike, creating a powerful cocktail of rising rents and buoyant capital values.

"The balance sheet is in good shape and the longer term development pipeline is promising."

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From Belfast Telegraph