Results round-up

Full year underlying profits at British Land rose to £363m from £313m driven by successful leasing activity and lower financing costs, while net asset value jumped to 919p from 829p.

Pre-tax profits on an IFRS basis fell to £1.3bn from £1.78bn. Earnings per share fell to 131.2p from 168.3p.

“Our portfolio is virtually full with occupancy of 99%. In good occupational markets in both Retail and Offices, we saw strong levels of demand for our remaining space,” the company said.

“We remain confident in the underlying strength of the business despite continued global macro uncertainty and the potentially adverse impact of a vote for the UK to leave the European Union.”

“Our current committed development pipeline is modest but we have built optionality into our future pipeline so we can exploit its potential when the time is right.”

Group revenue took a 6% hit at ICAP in the year to 31 March, it reported on Monday, to £1.2bn as the dealer broker described markets at challenging.

Excluding closed desks and on a constant currency basis, revenue was down 3%.

The FTSE 250 company reported a trading operating profit of £221m, down from £252m, and a trading profit before tax of £203m, down from £229m.

ICAP’s profit before tax was £89m, against £95m, and its basic earnings per share fell to 10.5p from 13p.

Group chief executive officer Michael Spencer described it as a “transformational year for ICAP and I believe that we are now on the cusp of one of the most exciting eras in the Company's 30-year history.

“The transaction to sell our Global Broking and associated information business to Tullett Prebon remains on track to complete later this year,” Spencer said on the company’s ongoing disposal and transition.

During the year, ICAP invested £96m in new product initiatives, and reported a free cash flow conversion rate of 96% on Monday, down from 121% last year.

Its final dividend was confirmed at 15.4p, maintaining a full-year dividend of 22p per share.