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