British Land announces preliminary results for the year ended 31 March 2005 (UK)

The British Land Company today presents its preliminary results for the year ended 31 March, 2005. The Company's financial results revealed profits – pre-tax, pre-exceptional – exceeding £200 million for the first time ever.


  • Net asset value per share up 15.0% to 1111 pence (2004: 966 pence). Without the exceptional charge of £180 million relating to the refinance of Broadgate and the removal of stamp duty exemption for disadvantaged areas, net asset value would have risen by 20.8%.
  • Underlying profit before tax up 17.0% to £174.8 million (2004: £149.4 million) before gains on asset disposals of £27.0 million (2004: £36.6 million) and the exceptional charge. Profit before tax and exceptional item £201.8 million (2004: £186.0 million); after exceptional charge, profit before tax £21.8 million (2004: £186.0 million).
  • Underlying earnings per share* up 9.9% to 34.3 pence (2004: 31.2 pence) before gains on asset disposals and the exceptional charge; unadjusted diluted earnings per share 11.3 pence (2004: 34.5 pence).
  • Total return (adjusted diluted net asset value per share growth plus dividend) for the year 22.4% before the exceptional charge and stamp duty change; 16.6% including the exceptional and stamp duty.
  • Final dividend up 8.2% to 10.9 pence per share. Total distribution for the year up 8.3% to 15.7 pence (2004: 14.5 pence).
  • Net rents+ increased by 9.3% to £571.8 million (2004: £523.0 million).
  • Portfolio valuation increased 6.5% to £12.5 billion, including retail warehouses up
    13.7%. This increase is 8% excluding the stamp duty change.

John Ritblat, Chairman of British Land, commented: "British Land has had a thoroughly good year. In attracting major new tenants to occupy our new developments in the City of London our properties have passed the acid test. We have raised funds of £3.1 billion including a record financing in excess of £2 billion on Broadgate, and we spent £1.3 billion. In November 2004 we were delighted to welcome Stephen Hester as our new Chief Executive."

Stephen Hester, Chief Executive of British Land, commented: "I believe in staying at the forefront of investor friendly behaviour; in disclosure and transparency; in straight talking and in open listening. British Land has already distinguished itself in this respect and we plan to take a further step by introducing quarterly reporting at the end of 2005 along with the early introduction in this Annual Report of new and fuller 'Operating and Financial Review' reporting."

Source: British Land

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