Results round-up

British Land lifted profits strongly higher in the first half of its financial year but said it expects to proceed more cautiously in property development as it noted a change in the behaviour of property markets since the Brexit vote, with leasing momentum maintained in retail but more caution among office occupiers.

In the six months to 30 September, the FTSE 100 property developer grew income 3.4% on a like-for-like basis and, helped by lower finance and operating costs, drove underlying profit before tax up 16.4% to £199m.

With underlying earnings per share growth of 20.6% and a new policy announced at the end of the last year to increase dividends by 3%, the second quarter dividend of 7.3p hiked the half-year payout to 14.6p per share.

The portfolio decreased in value by 2.8% and the EPRA net asset value fell 3.0% to 891p per share, with total net assets of £9.2bn.

"We're mindful of future uncertainty but are confident that our secure income streams and strong finances will ensure our business remains resilient," said chief executive Chris Grigg.

Electronic markets, inter-dealer broking and information provider Icap generated flat underlying revenues in the first half but enjoyed a boost from the weakness of the pound and said the US election had prompted an increase in trading activity.

As the disposal of its voice broking business proceeds towards an expected finale later this year, Icap, which will rename itself NEX Group at that time, also set out its plans for a progressive dividend policy as a new capital-light technology business.

Under its transitory current form, reported revenues rose 11% to £254m and, though trading profit was down 7% on the prior year mainly due to an increase in net finance costs, profits rose 78% at the pre-tax line or 10% to £86m if discontinued businesses are excluded.

Earnings per share were lifted 10% to 13.2p and the interim dividend was held at 6.6p and it was reiterated that the final dividend will be held at 22.0p for the full year.

The global hybrid voice broking and information business, whose sale to Tullett Prebon along with the Icap brand received FCA clearance earlier in the week, saw trading profit increased 28% to £59m.

Chief executive Michael Spencer, who also hailed the recent winning of a three-year, $65m deal with China Foreign Exchange Trade System, said he was optimistic the voice broking sale will complete by the end of the year, but noted that Tullett is responsible for securing various other consents before completion can occur.