Meadowhall owner sees profits drop following outbreak

British Land, which co-owns Meadowhall with Norges Bank Investment Management, reported underlying profit of £107m in its half year results, down from £152m the previous year.

Underlying earnings per share saw a 34.8 per cent fall from 16.1p to 10.5p.

Simon Carter, incoming CEO of British Land, said: "I take on the role of CEO at a unique time, but what I've seen since returning to British Land, especially over the last six months, reinforces my belief in the strength of our business and gives me confidence in the future.

"The quality of our office business has been clearly demonstrated, with rent collection of 97 per cent and occupancy of 95 per cent.

"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.

"Investors are increasingly taking a similar long term perspective, looking through Covid, to acquire prime London offices at pricing close to pre-pandemic levels.

"Our first half results naturally reflect the challenges in retail. Against this backdrop, we remain focused on active asset management, working to maximise rent collection and keeping our units occupied with successful retailers.

"There is a clear preference from shoppers and retailers for out of town, open air retail parks. Our approach and attractive asset mix means that prior to the November lockdown, we were delivering significant outperformance on footfall and retailer sales and a steady improvement in rent collection levels.

"We remain thoughtful and active in terms of capital allocation, executing £675m of sales since April, enhancing the strength and resilience of our balance sheet. We have also resumed the dividend on the basis of a fixed percentage payout of underlying earnings to provide maximum strategic and financial flexibility."

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