By Max Clarke
A diverse portfolio has seen leading UK property developers, British Land (LSE: BLND), deliver strong performance for the 2010/11 financial year. Pre-tax profits were up 2.8% to £256 million, or 9.9% excluding the previous year’s credit release scheme.
Focus of office space development, notably in London, has been a driving factor in the group’s strong performance, while well situated retail assets continue to deliver revenues.
“British Land has had a very active year. We have again outperformed the market and there is real momentum in the business,” commented CEO Chris Grigg. “With our strong asset base, management expertise and financial strength we are well placed to continue our strong performance.”
British Land paid dividends of 26p per share, while adding to their portfolio some £700m worth of assets.