British Land Company Plc (BLND) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.537 -- 00:00:05.429 We'll make a start. Thank you very much for joining us for our full year results. 00:00:05.429 -- 00:00:08.176 It's been quite a busy year for the business. 00:00:08.176 -- 00:00:11.864 You probably noticed, particularly the last couple of months, so we've got plenty to 00:00:11.864 -- 00:00:16.756 cover. What I do hope you'll get from these results is a real sense of the momentum in 00:00:16.756 -- 00:00:21.945 the business and the strategic decisions we took three years ago are really delivering 00:00:21.945 -- 00:00:26.314 for us. We're going to follow the normal running order, so Bhavesh will start with the 00:00:26.314 -- 00:00:31.082 financials, Darren will cover the operational performance, and I'll come back on the 00:00:31.082 -- 00:00:34.970 strategy and the outlook. But I thought before we do that, maybe if I just go through 00:00:34.970 -- 00:00:37.090 the headlines. 00:00:38.135 -- 00:00:41.280 We're pleased with our operational performance this year. 00:00:41.280 -- 00:00:46.509 We've continued to lease well across the business with 3.3 million square 00:00:46.509 -- 00:00:51.757 feet of leasing, 15% ahead of ERV. We've also controlled 00:00:51.757 -- 00:00:57.446 costs well and taken together this has led to profit growth of 2% despite 00:00:57.446 -- 00:01:02.732 a number of properties entering development and the meta surrender. 00:01:04.342 -- 00:01:10.311 Our strategy of focusing on campuses, retail parks and London urban logistics 00:01:10.311 -- 00:01:11.973 is delivering. 00:01:11.973 -- 00:01:16.079 ERV growth accelerated to nearly 6%, exceeding 00:01:16.079 -- 00:01:19.184 our guidance in all our sectors. 00:01:19.184 -- 00:01:24.512 We did see further outward yield shift of 33 basis points in the year, but ...