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BRITISH LAND logo office

Shares of British Land Company PLC (LON: BLND) fell around 4% on Wednesday after the company office leasing volumes will likely remain subdued amid fresh lockdowns.

The London-based property development firm reported an H1 loss after tax of 730 million pounds, which is significantly higher than 404 million pounds from a year ago. A loss comes after the company was forced to write down £625 million in property value.

Underlying profit tumbled by 29.6% to 107 million pounds, compared to 152 million pounds earned last year. 

The owner of Meadowhall in Sheffield added that it received 97% of rents due from its offices in the last quarter ending September. The company decided to resume dividend payments at 8.4p per share.

“Many of our customers have seen that their people can work more flexibly, but they are clear that great office space, such as we deliver at our mixed-use campuses, will continue to play a crucial role in their success, by promoting innovation, collaboration, training and culture,” said chief executive Simon Carter.

British Land share price dips on lower profit November 2020

British Land share price fell 4% just a day after printing an 8-month high at 512.6p.

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