- Property development and investment company British Land swung to a first-half profit as easing of pandemic restrictions led to a rebound in leasing activity, boosting its property portfolio.

For the six months ended 30 September, pre-tax profit was £373 million compared with a loss of the £757 million year-on-year, while revenue slipped to £191 million from £255 million.

The portfolio value was up 2.9% with campuses up 3.0% and retail & fulfilment up 2.7%, driven by retail parks up 7.1%

Revaluation gains on property were £279 million compared with a loss of £875 million last year.

An interim dividend of 10.32 pence was declared, up from a 8.40 pence a year earlier.

'We expect the value play opportunity in retail parks to continue, driven by reducing yields and rent stabilisation including some rental growth for small, well located parks,' the company said.

'In shopping centres, valuation decline has slowed, and we expect to see continued yield stabilisation with the rate of ERV decline also slowing.'

'The economy continues to recover but we recognise that uncertainties remain in the macro environment, particularly with respect to rising input costs.' Story provided by