- British Land Company
- 15 October 2026 08:47:17
Source: Sharecast
The company expects underlying EPS of 16.1p for the six months to 30 September, up from 15.4p a year earlier, while underlying profit is forecast to increase to £166m from £155m.
Growth was supported by the letting of development space and cost efficiencies, which more than offset lower surrender premiums and higher interest rates, the company said.
Like-for-like net rental income grew 12% due to an "excellent leasing performance across the portfolio", according to chief executive Jo McNamara, who joined in September.
The company completed 1.4m sq ft of leasing during the period, at rents 10.4% ahead of estimated rental value (ERV), with a further 1.1m sq ft under offer.
Across its London campuses, British Land completed 78 deals covering 689,000 sq ft, at rents 14.8% above ERV. Like-for-like net rental income from campuses jumped 25%, reflecting strong occupier demand and the letting of previously vacant space.
Meanwhile, retail park occupancy remained at 99%, with 438,000 sq ft leased at rents 9.6% ahead of previous levels.
Portfolio values increased 1.5% over the six months, including a 2.4% rise in retail park valuations, while ERV grew 3%.
British Land also sold £247m of assets during the period, broadly in line with book value, with a further £202m of disposals under offer.
The group reiterated its forecast for full-year underlying EPS of at least 30.5p, representing annual growth of 6%, alongside expectations for annual EPS growth of 3% to 6% over the medium term.
"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," McNamara said.
"We have a strong platform from which to deliver sustainable earnings growth and attractive, income-focused returns for shareholders.”
BLND shares were up 3.0% at 420p by 0842 BST.
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