British Land is expected to report an underlying profit of £166 million for the first half of fiscal 2027, according to a trading update covering the six-month period ended 30 September 2026. This figure would be up from £155 million recorded over the same period last year. Underlying earnings per share are expected at 16.1 pence, and the group reiterated its full-year guidance of at least 30.5 pence per share.
The update, published after the appointment of Jo McNamara as chief executive in mid-September 2026, points to strong occupier demand across the group's retail parks and London campuses. The chief executive highlighted the resilience of the portfolio, according to the document.
Retail parks nearly full
Letting activity at retail parks totalled 438,000 square feet, with deals signed 6.8% above estimated rental value and 9.6% above previous rents. The portfolio occupancy rate stands at 99%, with a further 533,000 square feet currently under offer. Total like-for-like net rental growth rose 12%, while overall portfolio valuations increased by 1.5% over the six-month period.
On the transactions side, British Land completed £247 million of asset sales, at a net initial yield of 4.7%, close to book value; a further £202 million of disposals remain under offer. The group also acquired Telford Bridge Retail Park for £30 million, at a topped-up net initial yield of 8.3%. Au-delà des retail parks, British Land's wider portfolio includes retail, London urban logistics and campuses.
The group maintains its medium-term outlook for annual earnings per share growth of 3% to 6%. British Land is due to announce its full first-half financial results on 18 November 2026.
