The British Land Company PLC has released its half-year report for the period ending 30 September 2023. The report provides an overview of the company's financial performance and key highlights during this period.
According to the report, British Land's underlying profit before tax for the first half of the year was £123 million, compared to £107 million in the same period last year. This represents a 15% increase in underlying profit. The company's net rental income also saw a growth of 3.2% to £186 million.
The report highlights the company's focus on its mixed-use campuses, which include retail, leisure, and residential spaces. British Land has made progress in this area, with the completion of the first phase of its Canada Water development in London. The company also mentions the successful leasing of office space at its Broadgate campus, with 1.1 million square feet of lettings secured during the period.
In terms of its retail portfolio, British Land states that it continues to actively manage its assets and adapt to changing consumer trends. The company has completed several leasing deals with retailers, including Zara and H&M, and has seen positive footfall and sales performance across its retail properties.
The report also mentions British Land's commitment to sustainability and its efforts to reduce carbon emissions. The company has achieved a 40% reduction in carbon emissions intensity since 2009 and has set a target to become net-zero carbon by 2030.
Overall, the half-year report reflects British Land's solid financial performance and progress in its strategic initiatives. The company remains focused on its mixed-use campuses and actively managing its retail portfolio while prioritizing sustainability.