British Land posts £155m H1 profit as occupational fundamentals remain 'robust'
By Iain Gilbert
Date: Wednesday 15 Oct 2025
(Sharecast News) - Real estate investment trust British Land said on Wednesday that underlying profits had grown in the six months ended 30 September, stating occupational fundamentals had "remained robust".
British Land said underlying profits had risen from £143m to £155m, while underlying earnings per share had edged up to 15.4p from 15.3p.
Portfolio valuation rose 1.2%, led by gains in Retail & London Urban Logistics and Campuses, while estimated rental value growth came in at 2.4%. Net equivalent yield held steady at 6.1%. EPRA net tangible assets increased to 579p, up from 567p at the same time a year earlier, with a total accounting return of 4.0%.
The FTSE 250-listed firm also disposed of £59m in assets at an average 5% premium to book values and acquired £52m of retail assets at an 8.5% topped-up net initial yield.
Retail park occupancy stood at 99% across its roughly 1,200 units, while EPRA occupancy at London campuses rose over 500 basis points to 88%.
At its Norton Folgate asset, Cpita said 81% of space was now leased, under offer or in negotiation, while 80% of units at Aldgate's build-to-rent scheme are let. Both were expected to be fully occupied by year-end.
Capita also reiterated ERV growth guidance of 3-5% per year and said it expects FY26 underlying EPS of at least 28.5p, with a minimum 6% growth projected for FY27.
Chief executive Simon Carter said: "Occupational fundamentals continue to favour our prime London office campuses and retail parks. Office attendance is accelerating, retailers are expanding out of town, and supply remains very constrained across both markets.
Strong like-for-like rental growth of 4%, development leasing and lower admin expenses have offset increased funding costs during the period as we delivered Underlying EPS of 15.4p. As a result, and reflecting our focus on delivering sustainable earnings growth, we now anticipate FY26 Underlying EPS of at least 28.5p, with growth of at least 6% projected for FY27."
Reporting by Iain Gilbert at Sharecast.com
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