British Land Company’s revenue slides 22% in the fiscal first half
- British Land Company’s revenue slides 22% in the first half.
- The property developer reports £757 million of pretax loss.
- The board declares 8.4 pence per share of interim dividend.
British Land Company plc (LON: BLND) posted a wider pretax loss for the fiscal first half on Wednesday. The company attributed its loss to the devaluation of its portfolio and a hit to revenue in recent months. Despite the dovish report, British Land Co. resumed dividend payments on Wednesday.
British Land Company opened more than 1% down on Wednesday and lost another 3% in the next hour. It now has a per-share price of £4.9 versus £6.28 per share at the start of the year. If you’re thinking of investing in the stock market, you’ll need a broker; here’s a list of the top few to make selection easier for you.
British Land Co reports £757 million of pretax loss in fiscal H1
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For the first six months that concluded on 30th September, British Land Company reported £757 million of pretax loss versus a much lower £440 million of loss in the same period last year. At 10.5 pence per share, its underlying per-share earnings also registered a 30% year over year decline.
In terms of revenue, the London-based company noted a 22% annualised decline in H1 to £225 million. British Land Co. valued its portfolio at £10.32 billion as of the end of the first half that represents a 7.3% decline as compared to last year. This devaluation resulted in a 10% decline in EPRA net tangible assets per share to 693 pence.
In separate news from the United Kingdom, British bicycle and car products retailer, Halfords Group plc, said its profit more than doubled in the fiscal first half.
British Land Co declares 8.4 pence per share of interim dividend
British Land Company resumed dividend payments on Wednesday as the board declared 8.4 pence per share of interim dividend versus 15.97 pence per share last year. The real estate investment trust had suspended its dividend earlier this year due to the ongoing COVID-19 crisis.
But it had expressed confidence that signs of recovery were evident in the second quarter, in a report published last month.
British Land also revealed to have sold Clarges Mayfair to Deka Immobilien on Wednesday for £177 million – that it had acquired in 2012. The price was 7.6% higher as compared to the valuation in September.
British Land Co. performed fairly upbeat in the stock market last year with an annual gain of a little under 20%. At the time of writing, one of the largest property development companies in the UK is valued at £4.58 billion.