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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  British Land Company    BLND   GB0001367019

BRITISH LAND COMPANY (BLND)
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British Land : NAV rises on strong London office demand

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05/17/2018 | 09:11am CEST

(Reuters) - British Land Co reported a 5.7 percent rise in full-year net asset value on Thursday, helped by strong performance in its London office business.

Britain's second-largest listed property developer said it expected demand in London to remain firm as the supply of high-quality new office space is relatively constrained.

Property developers have been faced with uncertainty in the backdrop of Britain's pending exit from the European Union as financial firms, which are large occupiers of London offices, have made plans to move work out of Britain.

"Initial estimates for Brexit-related job losses in the financial sector have been substantially lowered and financial services companies have continued to take space, although media and technology companies are now a more significant source of demand," British Land said.

The company's London office business portfolio value rose 4.5 percent, helped by higher leasing activity.

However, British Land said the overall market remained cautious in the backdrop of a challenging retail environment with many occupiers facing short-term headwinds.

British Land, which said earlier this month it was selling its third-party portfolio within its property management business Broadgate Estates to Savills, said its retail business remained a core part of its operations.

EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, rose 5.7 percent to 967 pence for the year ended March 31.

Underlying profit, however, fell 2.6 percent to 380 million pounds for the year as a result of sale of assets over the last two years.

(Reporting by Radhika Rukmangadhan in Bengaluru ; Editing by Vyas Mohan and Gopakumar Warrier)

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Financials (GBP)
Sales 2019 580 M
EBIT 2019 438 M
Net income 2019 -80,4 M
Debt 2019 3 831 M
Yield 2019 5,44%
P/E ratio 2019 -
P/E ratio 2020 17,33
EV / Sales 2019 16,0x
EV / Sales 2020 16,8x
Capitalization 5 461 M
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Technical analysis trends BRITISH LAND COMPANY
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Mean consensus HOLD
Number of Analysts 16
Average target price 6,84  GBP
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Christopher Grigg Chief Executive Officer & Executive Director
John Gildersleeve Non-Executive Chairman
Joff Sharpe Head-Operations
Simon Carter Chief Financial Officer & Director
Timothy Andrew Roberts Executive Director, Head-Offices & Residential
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