Net asset value per share down 22% but underlying pre-tax profit up slightly in tough conditions

British Land has reported a 22% fall in its net asset value per share to £10.43, on the back of tough trading conditions.

In the six months to 30 September 2008, the UK's second largest listed property group saw the value of its portfolio drop 10.8% to £11.6bn.

Underlying pre-tax profit rose 1% to £144m.


British Land's Euston station redevelopment
Allies & Morrison's designs for British Land's Euston station redevelopment

Chairman Chris Gibson-Smith said: “Against a backdrop of heightened stress in the markets British Land continues to operate well.

"While values have been marked down reflecting further softening in prime yields, our high occupancy levels and long leases, plus a diversity of tenants and industries, ensure cash flow security. Coupled with our robust finance structure, these are significant areas of strength.”

Citi analyst Harry Stokes said the results were in line with expectations. “These results lack surprises, but in this market we think that is to be applauded,” he said.

“These results lack surprises, but in this market we think that is to be applauded.”

Citi analyst Harry Stokes

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