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British Land Turns To Profit In H1 - Quick Facts

British Land Co Plc. (BRLAF, BTLCY,BLND.L) reported first-half profit before tax, on IFRS basis, of 238 million pounds, compared to loss of 205 million pounds last year.

IFRS basic earnings per share were 23.2 pence, compared to loss of 19 pence a year ago.

Underlying profit was 198 million pounds, compared to 199 million pounds last year. Underlying earnings per share were 19.2 pence, compared to 19.3 pence a year ago.

EPRA net asset value or NAV per share increased by 2.6% to 939 pence reflecting a portfolio valuation gain of 1.4% on a proportionally consolidated basis.

Chris Grigg, Chief Executive said, "British Land has delivered a strong first half performance as a result of our high level of successful activity and firm capital discipline. Net asset value is up 2.6%; profit and EPS remain steady despite considerable recent disposals; and we've increased the size of our committed development pipeline while reducing LTV further."

Looking ahead, the company said that although the wider operating environment is uncertain, it is generating healthy leasing interest at good pricing across portfolio, and prime capital values remain firm.

Separately, British Land announced that it will redevelop 1 Triton Square, Regent's Place. It has finalised terms on a pre-let of the office space covering 310,000 sq ft with Dentsu Aegis Network, the global brand, media and digital communications specialists, for a 20 year term.

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