British Land’s profit climbs on London boom
BRITISH Land said that underlying profit before tax rose 5.4 per cent to £313m for this financial year, up from £297m a year earlier. Diluted underlying earnings per share rose 4.1 per cent to 30.6p, an increase from 29.4p in 2014.
The developer’s total portfolio valuation rose by 12.1 per cent to £13.63bn. This was driven by gains in offices and residential which rose by 18.8 per cent to £6.08bn “reflecting buoyant markets”.
British Land, the developer behind the “Cheesegrater” as well as Leadenhall market, has been taking steps to increase the weighting of its portfolio to London and the south east.