British Land sees improving trends

17th Nov 2009 07:31

Real estate giant British Land reported continuing declines in rental income, pre-tax profits and its portfolio valuation in the six months to September 30, but said it was seeing more positive trends in recent months.During the half year period, net rental income fell to £291m from £317m over the same period the year ago, while pre-tax profits fell to £129m from £144m. The valuation of its portfolio fell to £8.293bn from £11.571bn. The interim dividend falls to 13p a share from 15.53p at the same stage last year.But British Land, whose properties include offices and buildings occupied by retailers such as the supermarkets Tesco and Sainsbury's, said its portfolio valuation has risen by 1.4% in the second quarter.'The next few years will be a market for the professional investor and operator, where long lasting success comes from a profound understanding of property economics and drivers and high execution capabilities,' said chairman Chris Gibson-Smith. 'We have the capacity and willingness to be bold, where necessary, but are mindful that the waves caused by the financial maelstrom of the last two years have not yet settled.'