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Full Year 2023 British Land Company PLC Earnings Call Transcript
Well, Good morning, everyone, and welcome back to 100 Liverpool Street. One of the advantages of doing our results here is you get to see firsthand how some of our major developments are progressing. Just 6 months ago, we were here, 1 Broadgate was a hole in the ground; 6 months on we're now at level 12 on the [core]. And hopefully, you'll all agree that Broadgate is really buzzing this morning.
We'll follow the usual running order. Bhavesh will take you through our financial results. Darren will provide an operational update, and I'll wrap up with the strategy and the outlook. But before we do that, I just wanted to go through the headlines.
Clearly, the macroenvironment has been quite challenging and volatile over the last 12 months. Despite this, our operational performance has been strong. Underlying profit is up 7%, driven by like-for-like rental growth of 6%, additional fee income and a tight grip on the cost base.
The dramatic rise in interest rates that we saw during the year increased investors' return
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