British Land share price: Group updates on full-year performance
British Land (LON:BLND) has updated investors on its full-year performance this morning.
**Highlights from the company statement:**
Total accounting return of 14.2% (2014/15: 24.5%)
Underlying Profit +16.0% to £363 million; IFRS PBT of £1,331 million (2014/15 £1,789 million) reflecting valuation uplift of £950 million (2014/15 £1,582 million)
Final quarterly dividend of 7.09 pence (+2.5%); bringing the full year to 28.36 pence (+2.5%)
Full year dividend of 29.20 pence per share proposed for 2016/17, +3.0%; first quarter 7.30 pence
Looking forward, we remain confident in the underlying strength of the business despite continued global macro uncertainty and the potentially adverse impact of a vote for the UK to leave the European Union. Our business is resilient: our portfolio is modern, nearly fully let to quality occupiers on long leases; and our finances are strong with moderate LTV, low costs and long dated financing from a wide range of sources. Our current committed development pipeline is modest but we have built optionality into our future pipeline so we can exploit its potential when the time is right. Our strategy of creating Places People Prefer focuses our investment and activities on macro trends, ensuring our real estate reflects the changing way people work, shop and live. We have significant opportunities across our existing portfolio, including in our three existing London campuses and the potential to create a new London campus at Canada Water, alongside our regional and local multi-let Retail assets.