Management expects to report a 7.1% rise in first-half underlying profit to £166mn, with underlying earnings per share (EPS) up 5% to 16.1p (consensus: 15.2p). This was driven by like-for-like net rental growth of 12%, lettings at new developments and cost savings, which more than offset the impact of higher interest rates and fewer early lease termination payments.
Portfolio values rose 1.5% in the period, as estimated rental value growth of 3.0% offset the impact of higher interest rates.
The group completed £247mn of disposals, broadly in line with book value, with a further £202mn of assets under offer.
Full-year guidance has been reiterated, with underlying EPS expected to rise from 28.9p to at least 30.5p (consensus: 30.6p).
The shares rose 2.3% in early trading.
Our view
HL view to follow.
British Land key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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