British Land sees profits rise 16%

British Land sees profits rise 16%

Staff at British Land, the company behind the "cheesegrater" skyscraper in London, are celebrating after profits rose 16% to £363m for the year.

The value of British Land's assets rose 10.9% and occupancy hit 99%, driven by its office and residential properties.

Chief executive Chris Grigg said: "We have delivered another strong set of results, with performance underpinned by strengthening rental growth across our business.

"While we are mindful of the impact of market uncertainty, our high-quality portfolio, flexible development pipeline and robust financial position continue to mean that our business is both resilient and well placed for the long term."

British Land's dividend payment for the year rose 2.5% to 28.36p.

Steve Clayton, head of equity research at Hargreaves Lansdown said the firm possesses a "powerful cocktail" that is helping aid growth.

He said: "Property companies like British Land are currently enjoying good demand from tenants and property investors alike, creating a powerful cocktail of rising rents and buoyant capital values.

"The balance sheet is in good shape and the longer term development pipeline is promising."