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British Land reinstates dividend despite widened H1 loss
18th Nov 2020 08:06
(Sharecast News) - Property development and investment company British Land reinstated its dividend on Wednesday despite failing to turn a profit in the first half of its trading year.
For the six months ended 30 September, British Land saw losses after tax widen 80.6% to £730.0m, principally due to a £625.0m write-down in property value, as underlying profits slumped 29.6% to £107.0m.
Underlying earnings per share dropped 34.8% to 10.5p.
Despite this, British Land, which suspended its dividend back in March, announced an interim dividend of 8.4p per share, representing 80% of underlying earnings per share.
The FTSE 250-listed firm also added that it had received 97% of rents due from its offices in the September quarter, but noted that retail collections were running behind at 62%.
Incoming chief executive Simon Carter said: "Many of our customers have seen that their people can work more flexibly, but they are clear that great office space, such as we deliver at our mixed-use campuses, will continue to play a crucial role in their success, by promoting innovation, collaboration, training and culture."
Elsewhere, British Land revealed it had disposed of the Clarges development in Mayfair for £177.0m, 7.6% above its valuation in September.
As of 0845 GMT, British Land shares were down 2.86% at 496.40p.
For the six months ended 30 September, British Land saw losses after tax widen 80.6% to £730.0m, principally due to a £625.0m write-down in property value, as underlying profits slumped 29.6% to £107.0m.
Underlying earnings per share dropped 34.8% to 10.5p.
Despite this, British Land, which suspended its dividend back in March, announced an interim dividend of 8.4p per share, representing 80% of underlying earnings per share.
The FTSE 250-listed firm also added that it had received 97% of rents due from its offices in the September quarter, but noted that retail collections were running behind at 62%.
Incoming chief executive Simon Carter said: "Many of our customers have seen that their people can work more flexibly, but they are clear that great office space, such as we deliver at our mixed-use campuses, will continue to play a crucial role in their success, by promoting innovation, collaboration, training and culture."
Elsewhere, British Land revealed it had disposed of the Clarges development in Mayfair for £177.0m, 7.6% above its valuation in September.
As of 0845 GMT, British Land shares were down 2.86% at 496.40p.