Real estate investment trust British Land saw a solid increase in underlying profits in the first half, as it continued to outperform its benchmark of property returns, the IPD (otherwise known as Investment Property Databank).
Underlying profit before tax in the six months to September 30th was £137m, up 3.8% year-on-year. Meanwhile, net rental income rose 1.1% to £272m.
The company also announced that Chris Gibson-Smith, who joined the board in January 2003, would be stepping down at the end of 2012 after his second three-year term as Chairman. He will replaced by Senior Independent Director John Gildersleeve.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chris Gibson-Smith said: "I have had a fascinating 10-year journey with British Land, and the last six years as Chairman have been deeply rewarding. The company is in an excellent position with a first rate team, portfolio and strategy. We are delighted that he has agreed to deepen his connection with the company. His broad range of experience makes him an ideal Chairman for British Land."
-
British Airways revamps Avios scheme bringing down flight prices to £1With the new Avios part-payments scheme you can now bag a British Airways flight for as little as £1
-
RBS to close a fifth of branchesRoyal Bank of Scotland plans to shut 18 branches across Scotland, resulting in the loss of 105 jobs. We have the full list of closures.
