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Highlights

  • Underlying profit of British Land increased by 4% to £279 million in FY24; EPS steady at 28.5p.

  • Dividend maintained at 22.80p per share for the reported period.

  • Net tangible assets per share up 1% to 567p in FY24.

  • Earnings expected to stay flat in FY26, then grow 3-6% per year thereafter.

 

British Land Company PLC (LSE:BLND) has posted a 4% rise in underlying profit to £279 million for the year ended 31 March 2025. Underlying earnings per share (EPS) remained flat at 28.5p, matching last year’s level, while the dividend was held steady at 22.80p per share.

The property group achieved a total property return of 6.9% and a total accounting return of 5.0%. The EPRA cost ratio rose slightly to 17.5% from 16.4%, indicating modestly higher operational costs.

Balance Sheet and Liquidity Update

British Land's Net Tangible Assets (NTA) per share increased by 1% to 567p, with a Loan-to-Value (LTV) ratio of 38.1%, up slightly from 37.3% a year earlier. The company’s Net Debt to EBITDA ratio increased to 8.0x (FY24: 6.8x), primarily due to capital investment.

Key financial highlights include:

  • £2.2 billion in financing activity during the year, including £1.3 billion in new funding

  • £1.8 billion in undrawn facilities and cash, ensuring ample liquidity

  • No refinancing needed until late 2028

  • Fitch rating of 'A' with stable outlook, reaffirmed in July 2024

Guidance and Outlook

The company reiterated its forecast of 3–5% annual ERV (Estimated Rental Value) growth across its portfolio. Looking ahead, British Land expects FY26 underlying EPS to remain broadly flat, translating into a 2% underlying profit growth. From FY27 onwards, it anticipates annual earnings growth of 3–6%, supported by an estimated 4p per share EPS contribution from developments in FY27.

Dividend Policy and Payment

The final dividend for FY25 has been proposed at 10.56p, in line with British Land’s policy to pay out 80% of underlying EPS. This brings the full-year dividend to 22.80p, split as:

  • 8.56p as a Property Income Distribution (PID)

  • 2.00p as a non-PID

The final dividend will be paid on 25 July 2025 to shareholders on the register by 20 June 2025. A Dividend Reinvestment Plan (DRIP) is available through Equiniti.