Half Yearly Report

RNS Number : 2310W

British Land Co PLC

16 November 2010

THE BRITISH LAND COMPANY PLC

HALF YEAR RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2010

Good start to the year: continued growth in underlying income and NAV

· Net Asset Value¹ per share up 4.2% to 525 pence: IFRS Net Assets £4.4 billion

· Portfolio valuation up 2.6% driven by £20 million of new lettings and renewals

· Underlying PBT¹ £127 million: up 12.4% excluding credit provision release in 2009

· Second quarter dividend maintained at 6.5 pence

Retail rental values stabilising with growth seen in best retail locations

· Early signs of rental recovery with good demand from key retailers

· ERV in Q2 up 0.1% and lettings above ERV on best schemes

· Nearly 500,000 sq ft of new lettings and renewals: 80% on long term leases

Strong lettings and continued rental growth in London office portfolio

· 350,000 sq ft of lettings and lease re-gears: including 217,000 sq ft of new lettings at

14% above ERV

· Office occupancy up from 92.6% to 96.9%

· Continued ERV growth with further 4.2% increase

· 1 million sq ft of developments completed in 2009/10 now 95% let

£1.5 billion³ London office development programme to create 2.1 million sq ft of prime space

· 1.5 million sq ft in the City at 5 Broadgate, 199 Bishopsgate and 122 Leadenhall Street

· 660,000 sq ft in the West End at NEQ (Regent's Place) and Baker Street

· London office weighting increases from 33% to nearly 40%⁴ on completion

	H1 2010/11	H1 2009/10	FY 2009/10
Net Asset Value¹ per share	525p	372p	504p
IFRS net assets	£4,433m	£3,041m	£4,208m
Underlying profit before tax¹	£127m	£129m²	£249m²
IFRS profit/(loss) before tax	£328m	£(113)m	£1,128m
Underlying diluted EPS¹	14.2p	14.8p	28.4p
Basic EPS	38.9p	(13.1)p	133.0p
Dividends per share	13.0p	13.0p	26.0p

¹ EPRA (European Public Real Estate Association) basis - see Note 1 to the accounts

² includes £16 million release of credit risk provision

³ British Land share £1 billion

⁴ pro forma end development value (as determined by the Group's external valuers) of committed office developments

Chris Grigg, Chief Executive said: "We've had a good start to the year with strong letting activity improving occupancy to 98% and driving a further increase in valuation to £8.9 billion. Our 850,000 sq ft of office and retail lettings and renewals in the half were at an average of 5% above ERV. Offices continued to benefit from the restricted supply of high quality space and we saw improving rental trends in retail. At £1.5 billion we have committed to London's largest office development programme, focused on the City and West End, which is timed for delivery when we believe strong demand and supply constraints will coincide."

Investor Presentation

A presentation of the results will take place at 9.30am today, 16 November 2010, and will be broadcast live via webcast (www.britishland.com) and conference call. The details for the conference call are as follows:

UK Toll Free number: 0800 028 1277

UK number: +44 (0) 207 806 1956

Passcode: 3743824

Replay number: +44 (0) 207 111 1244

Passcode: 3743824#

British Land contacts:

Sally Jones	(Investors)	0207 467 2942
Pip Wood	(Media)	0207 467 2838

Finsbury contacts (media):

Guy Lamming/Gordon Simpson

0207 251 3801

Forward-Looking Statements

This report contains certain "forward-looking" statements reflecting current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. British Land does not undertake to update forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Notes to Editors:

British Land is one of the UK's largest Real Estate Investment Trusts with total assets, owned or under management, valued at £14.0 billion (British Land share £8.9 billion), as at 30 September 2010. The hallmark of the business is a focus on customers, based on a property portfolio in prime locations in the UK and more recently in Western Europe.

The portfolio, focused on the out-of-town retail and London office sectors, has among the highest occupancy rates and lease lengths of the major UK REITs at 98% and 12.5 years respectively. Retail assets account for 65% of the portfolio, around 85% of which is located at prime out-of-town sites. Central London offices currently comprise 33% of the portfolio and are expected to grow to around 40% once the development programme is complete.

CHIEF EXECUTIVE'S HALF YEAR REVIEW

The year has started well with the business making good progress operationally and strategically. The most significant development in the half was our decision to commit to a substantial £1.5 billion central London development programme (British Land's share £1 billion) which will deliver 2.1 million sq ft of prime space into the market at a time when supply is expected to be restricted. At the occupational level, in retail, we have seen encouraging demand from leading retailers with ERVs across our retail portfolio stabilising in the half. In London offices, with continued strong lettings, the 1 million sq ft of office space we completed in 2009 is now 95% let.

Further growth in valuation in Net Asset Value

The value of our portfolio grew by 2.6% to £8.9 billion in the half with growth broadly balanced between the first and second quarters. Overall, the portfolio modestly outperformed the IPD benchmark, driven by the combination of successful office lettings and our portfolio weighting toward prime London office and retail. We had only modest yield compression in the period and the benefits of our development activity have yet to be reflected in our valuation. Net asset value per share, at 525 pence, was 4.2% higher than at the 31 March 2010 balance sheet date.

Lower costs and new lettings drive underlying profit growth

Underlying profit before tax in the half was £127 million compared with £129 million in the first half of 2009 which benefited from a £16 million credit provision release. The increase in underlying profits, excluding the provision release, was driven by new lettings and lower costs which more than offset the lost income from assets sold during 2009, principally Broadgate. Like-for-like income was 1.0% ahead with offices at +1.3% and retail at +0.9%. As previously advised, the quarterly dividend is being maintained at 6.5 pence bringing the dividend for the half year to 13.0 pence, in line with the prior year.

Occupancy further increased to 98%

The Group's occupancy rate increased from 96.6% at the end of March 2010 to 98.0% at the end of September 2010, with the 850,000 sq ft of new lettings and renewals agreed during the period at 5% ahead of ERV. We also agreed an 18.2 year pre-let agreement with UBS on 700,000 sq ft of our recently committed London office development programme.

Good retail lettings performance and early signs of rental growth in prime retail

In retail, rental values began to stabilise across our retail portfolio during the period. Aggregate ERVs were up 0.1% in the second quarter reflecting increased demand for prime retail space. In a number of our retail schemes, we saw good demand from leading retailers including Best Buy, H&M, New Look and Next. Overall we agreed new lettings and renewals on nearly 500,000 sq ft of space, 80% of which were on long-term leases.

Continued rental growth and strong lettings in offices

In offices, we had another highly successful period, letting 217,000 sq ft of new office space at average rents 14% above ERV. This brings the total of newly developed office space successfully let since the start of (calendar) 2010 to 800,000 sq ft with good growth in net effective rents achieved in our newest offices, notably at The Broadgate Tower and Regent's Place. We also agreed 139,000 sq ft of lease renewals in the period.

£1.5 billion London office development programme

The outlook for returns in prime London offices has improved significantly over the last year with the availability of Grade A space in the City and the West End expected to be significantly restricted over the next few years. In the half, we committed to an office development programme in the City and the West End with an aggregate cost, including land and interest of £1.5 billion, of which British Land's share is £1 billion. Our decision has been further supported by increasing rents and reducing incentives. These developments, which will deliver 2.1 million sq ft of high quality space in the City and West End by 2014, increase the weighting of London offices in our overall portfolio from 33% to around 40%, (based on estimated end development value) and are expected to generate significant incremental value for our shareholders.

Our committed London development programme comprises:

· 700,000 sq ft development on the Broadgate Estate (subject to planning), 100% pre-let to UBS on an average weighted lease term of 18.2 years, in joint venture with Blackstone

· 500,000 sq ft development at Regent's Place, on the North East Quadrant (NEQ)

· 610,000 sq ft development at 122 Leadenhall Street, EC3 (The Leadenhall Building), where we agreed Heads of Terms for a joint venture with Oxford Properties

· 158,000 sq ft development on Baker Street, W1

· 142,000 sq ft major refurbishment of 199 Bishopsgate, EC2, in joint venture with Blackstone

This development programme is expected to generate attractive returns with yields on cost (including tenant incentives) of over 7% on the basis of contracted rents and current ERVs.

Balance sheet strengthened with further reduction in LTV

The balance sheet continued to strengthen in the half year with the loan to value (LTV) ratio falling on both a Group basis (from 25% to 22%) and a proportionally consolidated basis (from 47% to 45%). The Group's unsecured credit rating was upgraded by Fitch from BBB+ to A-. This leaves the group in a strong position to invest in value-creating opportunities.

Outlook

Looking forward, we expect to be able to exploit the growing demand supply imbalance in London offices and to benefit from a growing need from a significant number of retailers to take new space in the best locations. However, we remain vigilant with respect to the impact of next year's VAT increase and Government spending cuts.

In the investment market, we expect the divergence between prime and secondary to continue and most likely gather pace. At the same time, we are seeing more property coming to market from banks and other involuntary or unwilling holders of property. We are confident that British Land will be able to take advantage of these opportunities.

Chris Grigg

Chief Executive

BUSINESS REVIEW

Over the first half of the financial year, our business has continued to benefit from an increasing polarisation of major occupiers to high quality, prime retail and London office properties. Since March 2010, the portfolio occupancy rate has increased from 96.6% to 98.0% reflecting over 600,000 sq ft of new lettings agreed in the first half. Occupiers in administration now represent just 0.3% of contracted rent. The average lease length remains among the longest in the sector at 12.5 years to first break, resulting in a limited exposure to near-term lease breaks or expiries of only 7% of contracted rent over the next 3 years compared to the industry average (as measured by IPD) of 20%.

High occupancy & long leases At 30 Sep 2010	Retail	Offices	Total
Occupancy rate (%)¹	98.8	96.9	98.0
Average lease length (years to first break)	13.7	9.6	12.5
% of contracted rent subject to lease break or expiry over the next 3 years	5.9	9.1	7.1

Data includes Group's share of properties in Funds & Joint Ventures

¹ underlying occupancy including accommodation under offer or subject to asset management

PORTFOLIO VALUATION

Valuation by sector	Group	Funds & JVs¹	Total	Portfolio	Change²
At 30 Sep 2010	£m	£m	£m	%	6 mths %	3 mths %
Retail:
Retail warehouses	1,699	1,028	2,727	30.8	1.1	0.4
Superstores	169	1,169	1,338	15.1	2.6	1.9
Shopping centres	203	1,023	1,226	13.8	2.6	0.9
Department stores³	435	-	435	4.9	(0.3)	(0.4)
All retail	2,506	3,220	5,726	64.6	1.7	0.8
Offices⁴:
City	521	1,292	1,813	20.5	3.7	1.3
West End	1,075	-	1,075	12.1	6.0	3.3
Provincial	33	7	40	0.5	19.8	12.2
All Offices	1,629	1,299	2,928	33.1	4.8	2.1
Other	191	12	203	2.3	0.7	(0.7)
Total	4,326	4,531	8,857	100.0	2.6	1.2

¹ Group's share of properties in Funds and Joint Ventures

² valuation movement during the period (after taking account of capital expenditure) of properties held at the balance

sheet date, including developments (classified by end use) and purchases

³ includes High Street: total value £20 million (0.2% of portfolio), 1.5% decrease for the 6 months

⁴ includes committed and prospective developments: total value £273 million (3.1% of portfolio), 3.4% increase for the

6 months

As anticipated, the pace of valuation increase in the first half slowed compared with the strong recovery in asset values seen in the previous six months. The value of the portfolio increased by 2.6% to £8.9 billion in the six months ended 30 September 2010, with an increase of 1.2% in the second quarter. The valuation growth was driven principally by office lettings with only a modest contribution from yield compression. Our development sites increased only 3.4% in the six months. Further growth is expected over the course of construction and, in the case of 5 Broadgate, on achieving planning consent.

The portfolio capital return (as measured by IPD) was 2.7% for the six months to 30 September 2010, contributing to a capital return of 19.2% for the last 12 months. This compared to the IPD Benchmark capital return of 2.6% and 15.4% over the same periods.

Portfolio yields & ERV Growth (excluding developments)	Top-up initial yield %¹	Net equivalent yield %^2,3	Net equivalent yield compression bps^2,3		ERV Growth %^3,4
Portfolio yields & ERV Growth (excluding developments)	Top-up initial yield %¹	Net equivalent yield %^2,3	6 mths	3 mths	6 mths	3 mths
Retail:
Retail warehouses	6.3	5.9	(5)	(1)	0.2	0.1
Superstores	5.4	5.1	(12)	(7)	0.1	-
Shopping centres	6.7	6.2	(19)	(3)	(0.7)	0.2
Department stores⁵	7.0	6.8	8	4	-	-
All retail	6.2	5.9	(9)	(3)	(0.1)	0.1
Offices:
City	7.1	5.9	(11)	(5)	3.9	1.8
West End	6.5	5.7	(6)	(5)	4.6	1.6
Offices	6.9	5.8	(9)	(5)	4.2	1.7
Other	9.5	9.4	(29)	(21)	0.1	(0.1)
Total	6.5	5.9	(9)	(4)	1.3	0.6

Data includes Group's share of properties in Funds & Joint Ventures

¹ gross yield to British Land (without notional purchaser's costs), adding back rent frees and contracted rental uplifts

² after notional purchaser's costs

³ excluding Europe

⁴ like for like (as calculated by IPD)

⁵ includes High Street

Office performance was driven by the strong progress in lettings which contributed to rental value growth of 4.2% across the London office portfolio for the half year. In retail (down only 0.1% in the first half), there was evidence of stabilising rental values across our portfolio, particularly from lettings completed in the second quarter. This produced an overall increase in the estimated rental values of our portfolio of 1.3% for the half year, compared to the IPD Benchmark decline of 0.2%.

The portfolio's top-up initial yield was 6.5% as at 30 September 2010, compared with 6.6% at 31 March 2010. The top-up yield takes into account contracted growth in annualised rent of £73 million from expiry of rent free periods, fixed uplifts, and minimum rental increases over the next 5 years (of which £58 million is in the next 3 years). The portfolio net equivalent yield was broadly static at 5.9% at 30 September 2010 (31 March 2010: 6.0%).

RETAIL

Retail Portfolio Performance

We continued to benefit from the on-going polarisation of retail sales to the best locations around the country, both in-town and out-of-town. There was evidence of stabilisation in rental values for prime retail locations in the second quarter. For the six months to 30 September 2010, lettings, lease renewals and rent reviews totalled £23.7 million of annual rent, representing an increase of £3.0 million. This reflects strong asset management and underlying retailer demand for our schemes.

In total, we completed 488,000 sq ft of new lettings and lease renewals with an average lease length to first break of 9 years. Of these lettings, 383,000 sq ft (80%) were long-term deals agreed at an average of 2.4% below ERV. Rental trends improved during the half with 210,000 sq ft of new lettings in Q2 at just 0.3% below ERV reflecting improved demand for prime retail accommodation.

In our retail parks and shopping centres, we continued to benefit from the on-going migration of national retailers and new retail concepts to the better performing schemes. Letting activity included:

· Teesside Retail Park, Stockton, where Republic and TUI Travel both agreed to 10 year leases, leaving the park fully occupied

· Fort Kinnaird, Edinburgh, where HMV/Waterstones opened their second joint brand store out-of-town. The scheme is now also fully let

· Glasgow Fort Shopping Park, where we completed nearly 19,000 sq ft of lettings including to H&M

· New Mersey, Speke, where fashion retailer Bank and Smyths Toys took space

· Parkgate Rotherham, where we signed an agreement with Best Buy, the US home electrical retailer, for a 47,000 sq ft unit for a term of 10 years

· Meadowhall, where we completed 16 long-term lettings introducing new fashion brands such as Phase Eight, LK Bennett and Guess

We settled 54 retail rent reviews covering over 1.2 million sq ft at an average of 9% above the previous passing rent. Performance was strongest in our retail warehouse portfolio with 317,000 sq ft of rent reviews settled at an average of 20% above the previous rent. A further 838,000 sq ft of superstores and 52,000 sq ft of shopping centre space was settled generating growth of 7% in both segments.

We continued to recycle our retail assets and improve future growth potential through asset swaps. Since March 2010, we have agreed £100 million (gross) of property exchanges within our superstore portfolio. In June, we replaced four Sainsbury's superstores in the Sainsbury Superstores joint venture with two larger superstores in Hoddesdon and Durham; and, in August, we agreed with Tesco to exchange the Bromley-by-Bow store for the store at Barkingside, in Greater London. The three new stores, which have stronger long-term growth prospects, are subject to 5-year upward-only rent reviews with lease lengths of 20 to 30 years.

Retail Development

In the context of a shortage of supply of prime retail and continued demand from retailers for the best locations, we are progressing with our plans for a number of attractive development opportunities which would enable us to deliver over 850,000 sq ft of additional prime retail space as rental values begin to recover. Since March, we have started 4 superstore extensions totalling 65,000 sq ft which will increase the store sizes by an average of 20%.

At Puerto Venecia, Zaragoza, the successful trading of the first phase, combined with early signs of improving operator sentiment in Spain are driving a re-activation next year of the second phase of the scheme for a targeted 2012 opening.

Whiteley Village is located off junction 9 of the M27 between Portsmouth and Southampton. The scheme is held in joint venture between British Land and USS and a planning consent has been obtained for the redevelopment of the factory outlet element to provide 278,000 sq ft of Open A1 retail and other space.

Retail developments	Sq ft '000	PC	Current Value £m	Cost to complete £m	Notional interest¹ £m	ERV² £m	Pre-let £m
Committed:
Puerto Venecia, Zaragoza³	1,327	2012	30	64	9	9	3
Four superstore extensions⁴	65	2010/12	-	11	-	1	1
Total committed	1,392		30	75	9	10	4
Prospective:
Whiteley Village, Fareham⁵	278	Detailed planning consent
Glasgow Fort Shopping Park⁶	220	Detailed planning consent
Fort Kinnaird, Edinburgh⁷	110	Detailed planning consent
Surrey Quays Shopping Centre⁸	101	Planning pending
Broughton Park, Chester⁶	70	Detailed planning consent
Deepdale Shopping Park, Preston⁸	45	Planning pending
Tesco superstore extension⁹	22	Planning pending
Kingston Centre, Milton Keynes	21	Detailed planning consent

Data includes Group's share of properties in Funds & Joint Ventures (except area which is shown at 100%)

¹ from 1 October 2010 to Practical Completionbased on a notional cost of finance of 6%

²estimated headline rental value (excluding tenant incentives)

³ joint venture with Eurofund Investments Zaragoza (BL Share 50%)

⁴ Banbury, Cardiff, Preston and Rugby - joint venture with Sainsbury's (BL Share 50%)

⁵ joint venture with Universities Superannuation Scheme (BL Share 50%)

⁶ Hercules Unit Trust (BL Share 38%)

⁷joint venture between Hercules Unit Trust and The Crown Estate (BL Share 19%)

⁸joint venture between Hercules Unit Trust and LaSalle Investment Management (BL Share 19%)

⁹ joint venture with Tesco (BL Share 50%)

OFFICES

Office Portfolio Performance

With the recovery of rental value growth in London offices, we delivered a strong letting performance at recently completed developments and positioned British Land to take advantage of the shortage in future supply by committing to developing 2.1 million sq ft of prime office space in the City and West End of London.

In the six months to 30 September 2010, we completed 350,000 sq ft of new lettings and lease extensions totalling £14.4 million of annualised rental income, representing an increase of £8.2 million. This includes 217,000 sq ft of new lettings agreed at an aggregated average of 14% above ERV.

The new lettings continue to demonstrate a strong preference of occupiers for prime, well located properties and included:

· At 201 Bishopsgate, EC2, occupancy increased to 97% with the letting of 39,000 sq ft to Bank of Nova Scotia.

· Mitsubishi UFJ Securities took a further 21,000 sq ft at Ropemaker Place, EC2, (now 95% let).

· At 10 & 20 Triton Street, Regent's Place, we have achieved 94% occupancy within a year of practical completion with lettings in the period totalling 142,000 sq ft to Lend Lease, Ricoh Europe and Dimensional Fund Advisors.

In addition, lease extensions were secured with Barings and AXA (110,000 sq ft) at 155 Bishopsgate, EC2, increasing the term certain by a further 6 years to 2025 with agreed stepped rental increases up to the 2019 rent review.

Office Development

Having let 92% of the 1.8 million sq ft of London office developments completed over the last two years, we have committed to a further 2.1 million sq ft of development in the City and West End since the start of the financial year. Taken together, these developments are expected to add £68 million of annual rent on the basis of our contract with UBS and current ERVs.

In late July, the joint venture between British Land and Blackstone signed an agreement for leases with UBS to develop a 700,000 sq ft building at 5 Broadgate, which will be 100% occupied by UBS. The initial rent is £54.50 per sq ft with annual increases in line with RPI (subject to a range of 0-4% per annum). The average lease length is 18.2 years to first break. Subject to securing planning consent, construction work is anticipated to begin in mid-2011 to allow for completion in the second half of 2014.

In November, the Broadgate joint venture announced plans to undertake a major refurbishment of 199 Bishopsgate with delivery of 142,000 sq ft of high quality office accommodation planned for the end of 2012. A planning application for the scheme, located opposite 201 Bishopsgate and The Broadgate Tower, has recently been submitted.

In October, we agreed Heads of Terms with Oxford Properties, a subsidiary of OMERS, to develop a 610,000 sq ft building at 122 Leadenhall St, EC3 - the Leadenhall Building. The 47 storey (736 ft tall) tower building is set to become one of the tallest and most iconic buildings in the City offering modern, efficient and adaptable floor plates which range from 21,000 sq ft at the bottom to 6,000 sq ft at the top. Detailed planning consent is in place and demolition and preliminary basement works have already been completed. Construction is scheduled to start in July 2011 to allow for practical completion to shell and core in Q2 2014.

In the West End, development of the final phase of our Regent's Place estate is underway at NEQ which will add a further 380,000 sq ft of offices and 120,000 sq ft of residential accommodation, increasing the estate to 2 million sq ft upon completion in mid-2013.

At 2-14 Baker Street, re-development of the site (acquired in April 2010) has now commenced with completion of a new 133,000 sq ft office building on the corner of Baker Street and Portman Square expected in early 2013. We have successfully pre-sold the private off-site residential and retail units at 95-99 Baker Street, W1, to a Malaysian Fund for £16 million.

Office developments As at 30 September 2010	Sq ft '000	PC		Current Value £m	Cost to complete £m	Notional interest¹ £m	ERV² £m	Pre-let £m	Sales³ £m
Committed:
5 Broadgate, EC2⁴	700	Q3 2014		57	172	28	19	19	-
The Leadenhall Building, EC3⁵	610	Q3 2014		39	171	33	19	-	-
NEQ, Regent's Place, NW1⁶	500	Q2 2013		39	224	33	19	-	78
199 Bishopsgate, EC2⁴	142	Q4 2012		19	17	6	3	-	-
Baker Street, W1⁷	158	Q1 2013		40	64	15	8	-	17
Total committed	2,110			194	648	115	68	19	95

Prospective:
6-9 Eldon Street, EC2	33		Planning pending
Colmore Row, Birmingham	280		Detailed planning consent
Meadowhall Metropolitan	2,200		Outline planning consent
New Century Park	1,000		Outline planning consent

Data includes Group's share of properties in Funds & Joint Ventures (except area which is shown at 100%)

¹ from 1 October 2010 to Practical Completion based on a notional cost of finance of 6%

²estimated headline rental value (excluding tenant incentives)

³parts of development expected to be sold, no rent allocated

⁴ subject to planning consent - joint venture with Blackstone Group (BL Share 50%)

⁵ heads of terms agreed for joint venture with Oxford Properties (BL Share 50%)

⁶ includes 120,000 sq ft of residential

⁷ includes 25,000 sq ft of residential and retail at 95-99 Baker Street (pre-sold)

FINANCIAL REVIEW

Income Statement (data presented on a proportionally consolidated basis - Table A)

Half year to 30 September	2010			2009
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Gross rental income	127	140	267	207	88	295
Property outgoings	(5)	(7)	(12)	1	(5)	(4)
Net rental income	122	133	255	208	83	291
Other income	7	2	9	6		6
Funds & JVs underlying profit	60			32
Administrative expenses	(28)	(4)	(32)	(29)	(3)	(32)
Profit before interest and tax			232			265
Net financing costs	(34)	(71)	(105)	(88)	(48)	(136)
Funds & JVs underlying profit		60			32
Group underlying profit	127		127	129		129

Underlying profit before tax for the six months to 30 September 2010 was £127 million, compared to £129 million for the prior year period which included the release of £16 million of credit risk provisions made in the second half of 2008 against income recognised on leases with contractual fixed uplifts. Excluding this item, underlying profit increased 12.4% from £113 million to £127 million. In addition, the formation in 2009 of the Broadgate joint venture had a significant effect which is reflected in the movement in underlying profits as shown below:

Movement in Underlying pre-tax profit	£m

Half year ended 30 September 2009	129
Effect of Broadgate JV formation¹	(14)
Credit risk provision release	(16)
Half year ended 30 September 2009 (adjusted)	99
Effect of acquisitions less disposals	4
New lettings and rent reviews	14
Lease expiries	(2)
Property outgoings	6
Fees and other income	3
Net finance costs	3
Half year ended 30 September 2010	127

¹comprising £44m gross rental income, £2m property outgoings saved and interest of £28m

Additional income of £14 million from new lettings and rent reviews, principally at our recently completed London office developments, offset the dilution from the formation of the Broadgate joint venture.

Recent acquisitions such as 39 Victoria Street, SW1, and a 50% interest in Surrey Quays Shopping Centre in South East London added a further £9 million to earnings. Other disposals reduced profits by £5 million. The net increase in underlying profit was £4 million.

On a like-for-like basis, annualised gross rental income at 30 September 2010 was 1.0% higher than a year ago. Retail increased 0.9% (like-for-like) driven by our Superstore (up 4.0%) and Retail Warehouse (up 0.9%) portfolios while Shopping Centres declined 1.5%. Offices showed growth of 1.3% compared with September 2009 largely due to the new lettings at 201 Bishopsgate and The Broadgate Tower.

The increase in portfolio occupancy from 94.4% to 98.0% since 30 September 2009 was the main driver of the reduction in property outgoings of £6 million. Administration costs were unchanged. Additional fee income, including from management fees received from new joint ventures, added another £3 million to earnings.

Underlying earnings per share were 14.2 pence for the half year to September 2010, with the dividend declared for the period covered 1.1 times by earnings (September 2009: 1.1 times).

Balance Sheet

	As at 30 September 2010			As at 31 March 2010
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Properties at valuation	4,326	4,531	8,857	4,152	4,387	8,539
Investment in Funds & JVs	1,693			1,594
Other non-current assets	53		53	271	(105)	166
	6,072	4,531	8,910	6,017	4,282	8,705
Other net current liabilities	(207)	(35)	(242)	(189)	(24)	(213)
Net debt	(1,378)	(2,791)	(4,169)	(1,550)	(2,660)	(4,210)
Other non-current liabilities	(54)	(12)	(66)	(70)	(4)	(74)
Funds & JVs net assets		1,693			1,594
IFRS net assets	4,433		4,433	4,208		4,208
EPRA adjustments	250		250	199		199
EPRA net assets	4,683		4,683	4,407		4,407
EPRA NAV per share	525p		525p	504p		504p

EPRA net asset value per share at 30 September 2010 increased 4.2% over the six months to 525 pence. This was driven by the 2.6% increase in property valuations as well as the retained underlying profits (net of dividends paid in the period). EPRA net assets differ from IFRS by excluding the mark to market on effective cash flow hedges and related debt adjustments, as well as deferred taxation on revaluations.

Movement in EPRA Net Asset Value	Pence

As at 31 March 2010	504
Underlying profit after tax	14
Dividends (including scrip)	(13)
Retail revaluations	10
Office revaluations	13
Other	(3)
As at 30 September 2010	525

Contracted Cash Flow Growth

As at 30 September 2010, the portfolio benefits from £73 million of contracted growth to come in cash rents from the expiry of rent free periods, and from leases with guaranteed fixed and minimum rental uplifts over the next five years. Under IFRS, the effect of this contracted growth is spread in the income statement from the start of the lease to the first break option. Including this income, the annualised gross accounting rental income for the portfolio was £524 million at 30 September 2010. As the contracted cash flow of these leases increases, it will exceed the accounting rental income by a surplus of £29 million on an annualised basis by 30 September 2015.

Net Debt

The movement in net debt (EPRA basis¹) for the period is set out below. Net debt (EPRA basis) differs from IFRS net debt by excluding the mark to market on effective cash flow hedges and related debt adjustments.

Movement in net debt (EPRA basis¹)	£m

Net debt (EPRA basis) at 31 March 2010 (after IFRS adjustment of £129m)	4,081
Operating cash flows before tax (Group, Funds and JVs)	(95)
Dividends paid (excluding scrip)	64
Purchases, development and other capital expenditure	61
Repayment of loans and deferred considerations	(132)
Other	11
Net debt (EPRA basis) at 30 September 2010	3,990
IFRS adjustments	179
IFRS net debt at 30 September 2010	4,169

¹ 'EPRA basis' being net debt stated in accordance with the EPRA Best Practices Recommendations for the calculation

of net asset value (see Table A)

Financing statistics	Group	Group and share of Funds & Joint Ventures
Net debt	£1,378m	£4,169m³
Weighted average debt maturity	12.0 years	10.7 years
Weighted average interest rate	5.3%	5.2%
Interest cover¹	3.0x	2.2x
Loan to value²	22%	45%

¹Underlying profit before interest and tax / net interest

² debt to property and investments

³ net debt (EPRA basis) £3,990 million - see Table A

The loan to value (LTV) ratio has reduced for the fourth consecutive quarter to 45% (including the Group's share of funds and joint ventures). Growth in underlying profit led to an improvement in interest cover from 1.9 times to 2.2 times, compared with the half year ended 30 September 2009.

Our Group LTV as at 30 September 2010 was 22% and interest cover increased to 3.0 times. This leaves the group well placed to generate further growth from its substantial committed development pipeline and future acquisition opportunities. The strength of the Group's balance sheet is reflected in British Land's senior unsecured credit rating which was recently upgraded by Fitch from BBB+ to A-.

The Group continues to retain some £2.8 billion of committed undrawn facilities, of which £1.1 billion have a maturity of more than 3 years, providing substantial additional liquidity at an average cost of 47 bps over LIBOR. In addition, the group has £429 million of cash, short-term deposits and liquid investments.

Dividend

The second quarter dividend of 6.5 pence per share, totalling £58 million, is payable on 18 February 2011 to shareholders on the register at close of business on 14 January 2011.

Having regard to share price volatility the Board will announce the availability of the Scrip Alternative via the Regulatory News Service and on its website (www.britishland.com), no later than 48 hours before the ex-dividend date of 12 January 2011. The Board expects to announce the split between PID and non-PID income at that time. The Scrip Alternative will not be enhanced.

In respect of the 2011 first quarter dividend of 6.5 pence per share, totalling £57 million, 46% of shareholders opted for the scrip alternative in lieu of £26 million in cash dividends. The remaining cash element of £31 million was paid on 12 November 2010.

Principal Risks and Uncertainties for the remaining six months of the financial year

The good start to the financial year has resulted from a number of encouraging factors. These include rents and occupancy in our London office portfolio benefiting from the relatively limited supply of high quality office space, and renewed demand from leading retailers for space in prime locations with new lettings in our best schemes being achieved at above ERV. This improved situation, together with a continuing improvement in financial market conditions, improves the risk environment for the Group.

We expect these conditions to continue into the remainder of the year, and they have underpinned our decision to significantly expand our development programme in London. These bring with them an increase in related development risks, particularly letting risk, but these risks are well understood and are mitigated by the experience of our construction and development team, the sharing of that risk through joint ventures, and the expected demand for our high quality space.

The fiscal measures needed to address the UK budget deficit may potentially impact consumer spending going forward. However, we believe that our portfolio of high quality prime retail and London office space will be resilient and is well placed to benefit as the recovery strengthens.

Sound financing continues to be an important feature of the Group with substantial liquidity available under committed facilities and a weighted average debt maturity of 12 years.

These and other risks identified within the Group's formal risk management process are regularly reviewed and analysed, based on the likelihood of occurrence and potential impact and mitigation strategies are implemented where appropriate. The principal risks are considered, reviewed and discussed regularly by the Executive Directors, the Audit Committee and the Board.

Directors' Responsibility Statement

We confirm that to the best of our knowledge:

(a) the condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 ("Interim Financial Reporting");

(b) the adoption of a going concern basis for the preparation of the financial statements continues to be appropriate based on the current and forecast financial position of the Group; and

(c) the interim management report includes a fair review of the information required by Sections DTR 4.2.7R and DTR 4.2.8R of the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority ("FSA").

By order of the Board, Graham Roberts, Finance Director

SUPPLEMENTARY INFORMATION

Data includes Group's share of properties in Funds & Joint Ventures

Portfolio Yield Profile

Excluding developments	Net initial yield %¹	Gross initial yield %²	Gross top-up initial yield %^2,3	Gross reversionary yield %²	Net equivalent yield %¹
Retail:
Retail warehouses	5.6	6.1	6.3	6.7	5.9
Superstores	5.1	5.4	5.4	5.5	5.1
Shopping centres	5.6	6.3	6.7	7.2	6.2
Department stores⁴	5.7	6.1	7.0	7.0	6.8
All retail	5.5	6.0	6.2	6.5	5.9
Offices:
City	4.6	4.8	7.1	6.0	5.9
West End	4.2	4.5	6.5	6.3	5.7
Offices	4.4	4.7	6.9	6.1	5.8
Other	8.4	8.7	9.5	10.1	9.4
Total	5.2	5.6	6.5	6.5	5.9

¹ after notional purchaser's costs

² excluding notional purchaser's costs (i.e. yield to British Land)

³ adding back rent frees and contracted rental uplifts

⁴ includes High Street

Annualised Gross Rental Income, Rent and Net Reversion

Excluding developments	Annualised gross rental income (accounting basis)¹			Annualised rent (cash flow basis)²			Net reversion³
Excluding developments	Group £m	Funds & JVs £m	Total £m	Group £m	Funds & JVs £m	Total £m	£m
Retail:
Retail warehouses	101	64	165	104	60	164	14
Superstores	10	62	72	10	63	73	1
Shopping centres	16	59	75	16	61	77	10
Department stores⁴	33	-	33	26	-	26	2
All retail	160	185	345	156	184	340	27
Offices:
City	24	81	105	5	74	79	20
West End	56	-	56	45	-	45	18
Offices	80	81	161	50	74	124	38
Other	18	-	18	16	-	16	3
Total	258	266	524	222	258	480	70

¹ gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives

² gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any grounds rents payable under head leases

³ includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by the Group's external valuers) within 5 years, plus expiry of rent free periods

⁴ includes High Street

Average Rent, Lease Lengths and Occupancy Rate

Excluding developments	Average rent		Average lease length		Occupancy rate
Excluding developments	Contracted £psf	ERV £psf	To expiry yrs	To first break, yrs	Underlying %¹	Basic %
Retail:
Retail warehouses	22	24	12.0	11.0	98.9	98.9
Superstores	21	21	17.6	17.6	100.0	100.0
Shopping centres	27	29	11.4	10.8	97.7	94.8
Department stores²	11	13	29.5	26.3	98.7	98.7
All retail	21	23	14.5	13.7	98.8	98.1
Offices:
City	46	42	12.3	10.2	96.3	96.0
West End	43	41	11.5	8.6	98.0	97.8
Offices	45	42	12.0	9.6	96.9	96.7
Other	17	19	20.6	20.3	93.3	93.3
Total	25	26	13.9	12.5	98.0	97.5

¹ including accommodation under offer or subject to asset management

² includes High Street

Rent Subject to Lease Break or Expiry

12 months to 30 Sep	2011	2012	2013	2014	2015	2011-13	2011-15
Excluding developments	£m	£m	£m	£m	£m	£m	£m
Retail:
Retail warehouses	3	2	5	4	5	10	19
Superstores	-	-	-	-	-	-	-
Shopping centres	3	2	4	4	5	9	18
Department stores¹	-	1	-	-	-	1	1
All retail	6	5	9	8	10	20	38
Offices:
City	1	-	2	10	11	3	24
West End	1	10	2	-	4	13	17
Offices	2	10	4	10	15	16	41
Other	-	-	2	-	-	2	2
Total	8	15	15	18	25	38	81
% of contracted rent	1.5%	2.8%	2.8%	3.3%	4.9%	7.1%	15.3%

¹ includes High Street

Top 10 Properties

Excluding developments	Sq ft	BL Share	Rent	Occupancy	Lease length
	'000	%	£m pa¹	rate %²	yrs
Broadgate	3,866	50	171	96.5	8.7
Meadowhall Shopping Centre	1,387	50	78	99.2	10.8
Regent's Place	1,210	100	47	97.4	9.4
Ropemaker Place	594	100	24	94.9	15.8
Fort Kinnaird Shopping Park	510	19	18	99.5	7.5
New Mersey Shopping Park	473	19	16	100.0	10.0
Glasgow Fort Shopping Park	389	38	15	99.2	8.0
Teesside Shopping Park	458	100	13	100.0	10.0
Bon Accord Shopping Centre	476	50	15	99.4	7.3
Parkgate Shopping Park	560	38	12	100.0	9.1

¹ annualised contracted rent including 100% of Funds & Joint Ventures

² includes accommodation under offer or subject to asset management

Top 10 Retail and Office Occupiers

Retail	% of total rent	Office	% of total rent

Tesco	8	UBS	4
Sainsbury's	7	HM Government	2
Debenhams	4	RBS	2
B&Q	2	Bank of Tokyo-Mitsubishi	2
Homebase	2	Macquarie Group	2
Next	2	Herbert Smith	2
Asda	1	JP Morgan	1
Boots	1	Aegis Group	1
Marks & Spencer	1	Reed Smith	1
Currys	1	Gazprom	1

Consolidated Income Statement for the six month period ended 30 September 2010

Year ended 31 March 2010							Six months ended 30 September 2010					Six months ended 30 September 2009

Audited							Unaudited					Unaudited

Underlying		Capital					Underlying		Capital			Underlying		Capital
pre tax*		and other	Total				pre tax*		and other		Total	pre tax*		and other	Total
£m		£m	£m		Note		£m		£m		£m	£m		£m	£m



394			394	Gross rental and related income	2		142				142	240			240

337			337	Net rental and related income	2		122				122	208			208

13			13	Fees and other income	2		7				7	6			6

		(15)	(15)	Amortisation of intangible assets					(8)		(8)			(7)	(7)

81		398	479	Funds and joint ventures (see also below)			60		110		170	32		(47)	(15)

(55)			(55)	Administrative expenses			(28)				(28)	(29)			(29)

		496	496	Net valuation movement (includes profits & losses on disposals)	2				102		102			(188)	(188)

				Net financing costs

30			30	- financing income			21				21	18			18
(157)			(157)	- financing charges			(55)		(3)		(58)	(106)			(106)

(127)			(127)				(34)		(3)		(37)	(88)			(88)


249		879	1,128	Profit (loss) on ordinary activities before taxation			127		201		328	129		(242)	(113)

				Taxation

		24	24	- current tax (expense) income	2				(1)		(1)			3	3
		(12)	(12)	- deferred tax income (expense)	2				12		12			(2)	(2)

		12	12		2				11		11			1	1

			1,140	Profit (loss) for the period after taxation attributable to shareholders of the Company							339				(112)

			133.0p	Earnings (loss) per share: basic	1						38.9p				(13.1)p
			132.6p	diluted	1						38.7p				(13.1)p



				Share of results of funds and joint ventures
81			81	Underlying profit before taxation			60				60	32			32
		412	412	Net valuation movement (includes profits & losses on disposals)					114		114			(44)	(44)
		(9)	(9)	Non-recurring items (table A)					(1)		(1)
		(5)	(5)	Current tax expense					(2)		(2)			(4)	(4)
				Deferred tax (expense) income					(1)		(1)			1	1
81		398	479		4		60		110		170	32		(47)	(15)

*As defined in note 1

Consolidated Income Statement for the three month period ended 30 September 2010

Year ended 31 March 2010							Three months ended 30 September 2010					Three months ended 30 September 2009

Audited							Unaudited					Unaudited

Underlying		Capital					Underlying		Capital			Underlying		Capital
pre tax*		and other	Total				pre tax*		and other		Total	pre tax*		and other		Total
£m		£m	£m			Note	£m		£m		£m	£m		£m		£m



394			394	Gross rental and related income		2	71				71	120				120

337			337	Net rental and related income		2	61				61	107				107

13			13	Fees and other income		2	4				4	2				2

		(15)	(15)	Amortisation of intangible assets					(4)		(4)			(3)		(3)

81		398	479	Funds and joint ventures (see also below)			29		56		85	16		69		85

(55)			(55)	Administrative expenses			(15)				(15)	(13)				(13)

		496	496	Net valuation movement (includes profits & losses on disposals)		2			45		45			30		30

				Net financing costs

30			30	- financing income			4				4	5				5
(157)			(157)	- financing charges			(20)		(3)		(23)	(51)				(51)

(127)			(127)				(16)		(3)		(19)	(46)				(46)


249		879	1,128	Profit on ordinary activities before taxation			63		94		157	66		96		162

				Taxation

		24	24	- current tax income		2								2		2
		(12)	(12)	- deferred tax income (expense)		2			10		10			(3)		(3)

		12	12			2			10		10			(1)		(1)

			1,140	Profit for the period after taxation attributable to shareholders of the Company							167					161

			133.0p	Earnings per share: basic		1					19.1p					18.9p
			132.6p	diluted		1					19.0p					18.8p



				Share of results of funds and joint ventures
81			81	Underlying profit before taxation			29				29	16				16
		412	412	Net valuation movement (includes profits & losses on disposals)					58		58			70		70
		(9)	(9)	Non-recurring items (table A)					(1)		(1)
		(5)	(5)	Current tax expense					(1)		(1)			(1)		(1)
81		398	479			4	29		56		85	16		69		85

*As defined in note 1

Consolidated Balance Sheet as at 30 September 2010


31 March								30 September		30 September			30 June
2010								2010		2009			2010
Audited								Unaudited		Unaudited			Unaudited
£m							Note	£m		£m			£m
	Assets
	Non-current assets
4,126	Investment and development properties						3	4,297		5,515			4,226
33	Owner-occupied property						3	36		25			35
4,159								4,333		5,540			4,261

	Other non-current assets
1,594	Investments in funds and joint ventures						4	1,693		973			1,620
261	Other investments						5	51		65			261
10	Intangible assets							2		17			6
6,024								6,079		6,595			6,148

	Current assets
105	Debtors							84		72			104
195	Liquid investments						6	206					200
74	Cash and short-term deposits						6	223		638			66
374								513		710			370

6,398	Total assets							6,592		7,305			6,518

	Liabilities
	Current liabilities
(139)	Short-term borrowings and overdrafts						6	(364)		(51)			(135)
(332)	Creditors							(352)		(467)			(353)
(471)								(716)		(518)			(488)

	Non-current liabilities
(1,642)	Debentures and loans						6	(1,382)		(3,673)			(1,634)
(30)	Other non-current liabilities							(25)		(34)			(28)
(47)	Deferred tax liabilities							(36)		(39)			(46)
(1,719)								(1,443)		(3,746)			(1,708)

(2,190)	Total liabilities							(2,159)		(4,264)			(2,196)

4,208	Net assets							4,433		3,041			4,322

	Equity
220	Share capital							223		218			221
1,241	Share premium							1,238		1,243			1,240
(90)	Other reserves							(143)		(116)			(117)
2,837	Retained earnings							3,115		1,696			2,978

	Total equity attributable to shareholders
4,208	of the Company							4,433		3,041			4,322

504p	EPRA NAV per share*						1	525p		372p			515p



* As defined in note 1

Consolidated Statement of Comprehensive Income for the period ended 30 September 2010



	Year ended					Three months ended				Six months ended
	31 March					30 September				30 September
	2010					2010		2009		2010				2009
	Audited					Unaudited		Unaudited		Unaudited				Unaudited
	£m				Note	£m		£m		£m				£m


	1,140		Profit (loss) for the period after taxation			167		161		339				(112)

			Other comprehensive income:
			Valuation movements on other investments		2			(6)

								(6)
			(Losses) gains on cash flow hedges
	(6)		- Group			(20)		(28)		(33)				(5)
	(10)		- Funds and joint ventures			(12)		(13)		(30)				3

			Transferred to (from) the income statement
			(cash flow hedges)
	6		- foreign currency derivatives			5		(2)		4				12
	23		- interest rate derivatives			4		7		6				14

	29					9		5		10				26

	(1)		Exchange differences on translation of foreign operations			(2)				1				(1)
	(2)		Actuarial loss on pension scheme

	10		Other comprehensive income (loss) for the period			(25)		(42)		(52)				23



	1,150		Total comprehensive income (loss) for the period			142		119		287				(89)





Consolidated Statement of Cash Flows for the period ended 30 September 2010



Year														Three months				Six months
ended														ended				ended
31 March														30 September				30 September
2010														2010		2009		2010		2009
Audited														Unaudited				Unaudited
£m											Note			£m		£m		£m		£m


317		Rental income received from tenants												54		107		110		200
15		Fees and other income received												6		2		8		11
(84)		Operating expenses paid to suppliers and employees												(17)		(20)		(37)		(48)
248		Cash generated from operations												43		89		81		163

(179)		Interest paid												(40)		(65)		(50)		(102)
9		Interest received												11		3		12		5
(3)		UK corporation tax received (paid)														(1)				(2)
61		Distributions received from funds and joint ventures									4			23		6		53		16
136		Net cash inflow from operating activities												37		32		96		80

		Cash flows from investing activities
(75)		Purchase of investment properties																(29)
(173)		Development and other capital expenditure												(15)		(37)		(32)		(89)
279		Sale of investment properties														46		2		198
6		REIT conversion charge paid
(43)		Purchase of investments
13		Sale of investments
(4)		Indirect taxes in respect of investing activities														(2)		2		(5)
		Deferred consideration received												9				22
		Loans repaid by Broadgate Joint Venture												220				220
31		Establishment of Broadgate Joint Venture
(26)		Investment in Shopping Centres Joint Venture with Tesco
(56)		Investment in and loans to funds and joint ventures												(21)		(28)		(23)		(52)
7		Capital distributions received from funds and joint ventures
(41)		Net cash (outflow) inflow from investing activities												193		(21)		162		52

		Cash flows from financing activities
(154)		Dividends paid												(32)		(35)		(64)		(77)
(20)		Movement in other financial liabilities												(7)		(5)		(9)		(10)
(266)		Establishment of Broadgate Joint Venture - cash collateral
(200)		Increase in liquid investments
1		Increase (decrease) in bank and other borrowings												(38)		27		(39)		(23)
(639)		Net cash outflow from financing activities												(77)		(13)		(112)		(110)

(544)		Net (decrease) increase in cash and cash equivalents												153		(2)		146		22
616		Opening cash and cash equivalents												65		640		72		616
72		Closing cash and cash equivalents												218		638		218		638

		Cash and cash equivalents consists of:
74		Cash and short-term deposits												223		638		223		638
(2)		Overdrafts												(5)				(5)
72														218		638		218		638

Consolidated Statement of Changes in Equity for the period ended 30 September 2010


										Hedging &
						Share		Share		translation			Revaluation				Retained
						capital	*	premium		reserve			reserve				earnings		Total
						£m		£m		£m			£m				£m		£m

Six month movements in Equity


Balance at 1 April 2010						220		1,241		(38)			(52)				2,837		4,208

Total comprehensive income for the period										(23)			(29)				339		287
Adjustment for share and share option awards																	2		2
De-designation of cash flow hedges										(1)							1
Dividends payable in the six month period																	(113)		(113)
Adjustment for scrip dividend element						3		(3)									49		49
Balance at 30 September 2010						223		1,238		(62)			(81)				3,115		4,433


Balance at 1 April 2009						217		1,244		(98)			(41)				1,887		3,209

Total comprehensive income for the period										21			2				(112)		(89)
Adjustment for share and share option awards																	1		1
Dividends payable in the six month period																	(103)		(103)
Adjustment for scrip dividend element						1		(1)									23		23
Balance at 30 September 2009						218		1,243		(77)			(39)				1,696		3,041


Three month movements in Equity

Balance at 1 July 2010						221		1,240		(50)			(67)				2,978		4,322

Total comprehensive income for the period										(11)			(14)				167		142
Adjustment for share and share option awards																	1		1
De-designation of cash flow hedges										(1)							1
Dividends payable in the three month period																	(57)		(57)
Adjustment for scrip dividend element						2		(2)									25		25
Balance at 30 September 2010						223		1,238		(62)			(81)				3,115		4,433


Balance at 1 July 2009						217		1,244		(54)			(26)				1,573		2,954

Total comprehensive income for the period										(23)			(13)				155		119
Dividends payable in the three month period						1		(1)									(55)		(55)
Adjustment for scrip dividend element																	23		23
Balance at 30 September 2009						218		1,243		(77)			(39)				1,696		3,041


Prior year movements in Equity

Balance at 1 April 2009						217		1,244		(98)			(41)				1,887		3,209

Total comprehensive income for the period										60			(11)				1,101		1,150
Share issues						3		(3)
Transfer
Adjustment for share and share option awards																	1		1
Dividends payable in the year																	(215)		(215)
Adjustment for scrip dividend element																	63		63
Balance at 31 March 2010						220		1,241		(38)			(52)				2,837		4,208

* See note 11 for a summary of the number of shares in issue
Notes to the accounts (unaudited)

1. Performance measures

Year ended									Six months ended						Six months ended
31 March 2010									30 September 2010						30 September 2009
Earnings			Pence per share	Earnings (loss) per share (diluted)					Earnings			Pence per share			Earnings				Pence per share
£m									£m						£m

249				Underlying pre tax profit - income statement					127						129
(5)				Tax charge relating to underlying profit					(3)						(3)

244			28.4p	Underlying earnings per share					124			14.2p			126				14.8p

(9)				Non-recurring items (table A)					(4)

235			27.3p	EPRA earnings per share					120			13.7p			126				14.8p

1,140			132.6p	Profit (loss) for the period after taxation					339			38.7p			(112)				(13.1)p

Year ended									Three months ended						Three months ended
31 March 2010									30 September 2010						30 September 2009
Earnings			Pence per share	Earnings per share (diluted)					Earnings			Pence per share			Earnings				Pence per share
£m									£m						£m

249				Underlying pre tax profit - income statement					63						66
(5)				Tax charge relating to underlying profit					(1)						(1)

244			28.4p	Underlying earnings per share					62			7.1p			65				7.6p

(9)				Non-recurring items (table A)					(4)

235			27.3p	EPRA earnings per share					58			6.6p			65				7.6p

1,140			132.6p	Profit for the period after taxation					167			19.0p			161				18.8p

The European Public Real Estate Association (EPRA) issued Best Practices Recommendations in October 2010, which gives guidelines for performance measures. The EPRA earnings measure excludes investment property revaluations and gains or losses on disposals, intangible asset movements and their related taxation.



Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include realisation of cash flow hedges and non-recurring items.


The weighted average number of shares in issue for the three month period was: basic: 875m (six months ended 30 September 2010: 872m; year ended 31 March 2010: 857m; three months ended 30 September 2009: 854m; six months ended 30 September 2009: 852m); diluted for the effect of share options: 879m (six months ended 30 September 2010: 876m; year ended 31 March 2010: 860m; three months ended 30 September 2009: 858m; six months ended 30 September 2009: 855m). Basic undiluted earnings per share for the three month period was 19.1p (six months ended 30 September 2010: 38.9p; year ended 31 March 2010: 133.0p; three months ended 30 September 2009: 18.9p; six months ended 30 September 2009: 13.1p loss). Earnings per share shown in the table above are diluted.






31 March												30 September			30 September				30 June
2010				Net asset value (NAV)								2010			2009				2010
£m												£m			£m				£m

4,208				Balance sheet net assets								4,433			3,041				4,322

43				Deferred tax arising on revaluation movements								33			30				42
126				Mark to market on effective cash flow hedges and related debt adjustments								173			128				152
30				Dilution effect of share options								44			1				45

4,407				EPRA NAV								4,683			3,200				4,561

504p				EPRA NAV per share								525p			372p				515p


The EPRA NAV per share excludes the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and is calculated on a fully diluted basis.


At 30 September 2010, the number of shares in issue was: basic: 878m (31 March 2010: 866m; 30 June 2010: 872m; 30 September 2009: 857m); diluted for the effect of share options: 892m (31 March 2010: 875m; 30 June 2010: 886m; 30 September 2009: 860m).


Total return per share for the three months to 30 September 2010 of 3.2% includes dividends paid of 6.5p (see note 7) in addition to the increase in EPRA NAV per share of 10p. Total return per share for the six months to 30 September 2010 of 6.7% includes dividends paid of 13p (see note 7) in addition to the increase in EPRA NAV per share of 21p. Total return per share for the year ended 31 March 2010 was 33.5%.

2. Income statement notes

Year ended									Three months ended					Six months ended
31 March									30 September					30 September
2010									2010			2009		2010	2009
£m									£m			£m		£m	£m
		Gross and net rental income

319		Rent receivable							56			97		113	193
23		Spreading of tenant incentives and guaranteed rent increases							7			7		14	14

342		Gross rental income							63			104		127	207

52		Service charge income							8			16		15	33

394		Gross rental and related income							71			120		142	240

(52)		Service charge expenses							(8)			(16)		(15)	(33)
(5)		Property operating expenses							(2)			3		(5)	1

337		Net rental and related income							61			107		122	208

		Fees and other income

7		Performance & management fees (from funds and joint ventures)							2			1		5	4
6		Other fees and commission							2			1		2	2

13									4			2		7	6

		Net revaluation movements on property and investments


530		Revaluation of properties							44			36		97	(174)
(18)		Result on property disposals										6		(1)	(2)
(12)		Revaluation of investments							1			(12)		6	(12)
(4)		Other revaluation movements

496									45			30		102	(188)
412		Share of profits (losses) of funds and joint ventures (note 4)							58			70		114	(44)

908									103			100		216	(232)
		Consolidated statement of comprehensive income
		Revaluation of investments										(6)

908									103			94		216	(232)

		Tax income (expense)

(2)		Current tax: UK corporation tax (28%)										2		(1)	3
26		Adjustments in respect of prior periods
24		Total current tax income (expense)										2		(1)	3
(12)		Deferred tax on revaluations							10			(3)		12	(2)

12		Group total taxation (net)							10			(1)		11	1

(5)		Attributable to funds and joint ventures							(1)			(1)		(3)	(3)

7		Total taxation							9			(2)		8	(2)

Tax expense attributable to underlying profits for the three months ended 30 September 2010 was £1m (six months ended 30 September 2010: £3m; year ended 31 March 2010: £5m; three months ended 30 September 2009: £1m; six months ended 30 September 2009: £3m).


The deferred tax credit for the three months ended 30 September 2010 includes a credit of £1m to reflect reduced deferred tax liabilities arising from the forthcoming reduction in the UK corporation tax rate to 27% (effective from 1 April 2011).

3. Property

Total property interests are £8,857m at 30 September 2010 comprising properties held by the Group of £4,326m, share of properties held by funds of £879m and share of properties held by joint ventures of £3,652m. Properties were valued on the basis of market value, supported by market evidence, in accordance with the Appraisal and Valuation Standards published by The Royal Institution of Chartered Surveyors.





31 March										30 September			30 September			30 June
2010										2010			2009			2010

£m										£m			£m			£m

4,126			Investment properties							4,297			5,313			4,226
			Development properties										202
4,126			Investment and development properties							4,297			5,515			4,226

33			Owner-occupied property							36			25			35
4,159			Carrying value of properties on balance sheet							4,333			5,540			4,261

(7)			Head lease liabilities							(7)			(8)			(7)

4,152			Total British Land Group property portfolio valuation							4,326			5,532			4,254

At 30 September 2010 Group properties valued at £2,708m were subject to a security interest (31 March 2010: £2,659m; 30 June 2010: £2,688m; 30 September 2009: £3,667m) and other properties of non-recourse companies amounted to £nil (31 March 2010: £nil; 30 June 2010: £nil; 30 September 2009: £nil).



In adopting the revisions to IAS 16 Property, Plant & Equipment and IAS 40 Investment Property, development properties are now classified within investment properties.

4. Funds and joint ventures

Summary of British Land's share of investments in funds and joint ventures at 30 September 2010

					Underlying	Underlying
					profit	profit
					(six	(three				Net			Gross			Gross
					months)	months)				Investment			assets			liabilities
					£m	£m				£m			£m			£m
Share of funds					12	5				475			1,008			(533)
Share of joint ventures					48	24				1,218			3,837			(2,619)
Total					60	29				1,693			4,845			(3,152)

At 30 September 2010 the investment in Joint Ventures included within the total net investment in Funds and Joint Ventures was £1,221m (31 March 2010: £1,149m; 30 June 2010: £1,169m; 30 September 2009: £600m).


Amounts owed to joint ventures at 30 September 2010 were £50m (31 March 2010: £40m; 30 June 2010: £36m; 30 September 2009: £39m).

British Land's share of the results of funds and joint ventures

Year						Three months				Three months			Six months			Six months
ended						ended				ended			ended			ended
31 March						30 September				30 September			30 September			30 September
2010						2010				2009			2010			2009
£m						£m				£m			£m			£m

238			Gross rental income			69				43			140			88

208			Net rental and related income			66				41			133			83
(8)			Other income and expenditure			(1)				(1)			(2)			(3)
(119)			Net financing costs			(36)				(24)			(71)			(48)

81			Underlying profit before taxation			29				16			60			32

412			Net valuation and disposal movements			58				70			114			(44)
(9)			Non-recurring items (table A)			(1)							(1)

484			Profit (loss) on ordinary activities before taxation			86				86			173			(12)

(5)			Current tax expense			(1)				(1)			(2)			(4)
			Deferred tax (expense) income										(1)			1

479			Profit (loss) on ordinary activities after taxation			85				85			170			(15)

All joint ventures are non-recourse to the Group. Where a joint venture has net liabilities, as required under IFRS, the Group does not account for its share of the deficit in its total share of joint venture results.

4. Funds and joint ventures (continued)

Operating cash flows of funds and joint ventures

Year								Three months			Three months			Six months			Six months
ended								ended			ended			ended			ended
31 March								30 September			30 September			30 September			30 September
2010								2010			2009			2010			2009
£m								£m			£m			£m			£m

215	Rental income received from tenants							70			42			136			88
	Fees and other income received							1						2
(22)	Operating expenses paid to suppliers and employees							(6)			(4)			(14)			(13)

193	Cash generated from operations							65			38			124			75

(111)	Interest paid							(35)			(23)			(72)			(47)
	Interest received
(4)	UK corporation tax paid							(1)						(2)			(1)

78	Cash inflow from operating activities							29			15			50			27

	Cash inflow from operating activities deployed as:
17	Surplus cash (distributed by) retained within funds and joint ventures							6			9			(3)			11
61	Total distributed to British Land							23			6			53			16

78								29			15			50			27

5. Other investments

Other investments include the investment in the HUT convertible bond of £43m (31 March 2010: £43m; 30 June 2010: £43m; 30 September 2009: £nil). At 31 March 2010 and 30 June 2010 there was a £209m secured commercial loan to the Bluebutton joint venture; this was repaid during the current quarter.


6. Net Debt

31 March							30 September		30 September					30 June
2010							2010		2009					2010
£m							£m		£m					£m

				Securitisations					1,968
1,165				Debentures			1,109		1,167					1,165
156				Bank loans and overdrafts			181		134					143
460				Other bonds and loan notes			456		455					461

1,781				Gross debt			1,746		3,724					1,769

49				Interest rate and currency derivative liabilities			78		86					64
(11)				Interest rate and currency derivative assets			(17)		(1)					(16)
1,819							1,807		3,809					1,817
(195)				Liquid investments			(206)							(200)
(74)				Cash and short-term deposits			(223)		(638)					(66)

1,550				Net debt			1,378		3,171					1,551

Gross debt includes £364m due within one year at 30 September 2010 (31 March 2010: £139m; 30 June 2010: £135m; 30 September 2009: £51m).


Undrawn committed bank facilities at 30 September 2010 amounted to £2,777m.

The two financial covenants applicable to the Group unsecured debt are:
Net Borrowings not to exceed 175% of Adjusted Capital and Reserves.
At 30 September 2010 the ratio is 32%:
i. Net Borrowings are £1,583m, being the principal amount of gross debt of £1,733m plus amounts owed to joint ventures of £50m (see note 4) and TPP Investments Ltd of £23m (see note 9), less the cash and short-term deposits of £223m; and

ii. Adjusted Capital and Reserves are £4,996m, being share capital and reserves of £4,433m (see Consolidated Statement of Changes in Equity), adjusted for £33m of deferred tax (see note 1), £357m exceptional refinancing charges (see below) and £173m mark to market on interest rate swaps (see note 1); and



Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets.
At 30 September 2010 the ratio is 9%:
i. Net Unsecured Borrowings are £210m, being the principal amount of gross debt of £1,733m plus amounts owed to joint ventures of £50m (see note 4) less cash and deposits not subject to a security interest of £217m less the principal amount of secured and non-recourse borrowings of £1,356m; and


ii. Unencumbered Assets are £2,347m being properties of £4,326m (see note 3) plus investments in funds and joint ventures of £1,693m (balance sheet) and other investments of £257m (see balance sheet: liquid investments of £206m and other investments of £51m) less investments in joint ventures of £1,221m (see note 4) and encumbered assets of £2,708m (see note 3).




In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of £357m to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007.



The Group Loan to Value ratio at 30 September 2010 is 22%, being gross debt of £1,746m less cash, short-term deposits and liquid investments of £429m, divided by total Group property of £4,326m (see note 3) plus investments in Funds and Joint Ventures of £1,693m (balance sheet) and other investments of £51m (balance sheet).



7. Dividends

The second quarter dividend of 6.5 pence per share, totalling £58 million, is payable on 18 February 2011 to shareholders on the register at close of business on 14 January 2011.


Having regard to share price volatility the Board will announce the availability of the Scrip Alternative via the Regulatory News Service and on its website (www.britishland.com), no later than 48 hours before the ex-dividend date of 12 January 2011. The Board expects to announce the split between PID and non-PID income at that time. The Scrip Alternative will not be enhanced.



In respect of the 2011 first quarter dividend of 6.5 pence per share, totalling £57m, 46% of shareholders opted for the scrip alternative in lieu of £26m in cash dividends. The remaining cash element of £31m was paid on 12 November 2010.


In respect of the 2010 fourth quarter dividend of 6.5 pence per share, totalling £57m, 43% of shareholders opted for the enhanced scrip alternative in lieu of £25m in cash dividends. The remaining cash element of £32m was paid on 13 August 2010.


The Consolidated Statement of Changes in Equity shows total dividends in the six months to 30 September 2010 of £113m, £56m being the third quarter 2010 dividend of 6.5 pence per share paid on 14 May 2010 and £57m being the fourth quarter 2010 dividend disclosed above.

8. Segment information

The Group allocates resources to investment and asset management according to the sectors it expects to perform over the medium term. Its two principal sectors are currently offices and retail. The relevant revenue, net rental income, assets and capital expenditure, being the measure of profit or loss and total assets used by the management of the business, are set out below:



			Offices		Retail				Other			Total
			2010	2009	2010		2009		2010		2009	2010			2009
			£m	£m	£m		£m		£m		£m	£m			£m
Six months ended 30 September
Revenue			48	137	91		97		10		12	149			246
Net rental income			37	107	78		94		7		7	122			208
Segment assets			1,963	3,353	3,842		2,978		787		974	6,592			7,305
Capital expenditure			51	88	6		10		1		2	58			100
Three months ended 30 September
Revenue			24	70	47		46		4		6	75			122
Net rental income			20	55	39		48		2		4	61			107
Capital expenditure			15	27	3		8		1		1	19			36

Revenue is derived from the rental of buildings, fund management and performance fees and investments. Corporate costs, including administrative and interest expenses, are not allocated to the segments shown, therefore a sectoral profit or loss is not disclosed. Segment assets include the Group's investment in funds and joint ventures. No customer exceeds 10% of the Group's revenues.



9. Contingent liabilities

TPP Investments Limited, a wholly owned ring-fenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £23m (31 March 2010: £23m, 30 June 2010: £23m, 30 September 2009: £23m) and recourse is only to the partnership assets.



10. Related party transactions

Details of transactions with funds and joint ventures including debt guarantees by the Company are given in notes 2 and 9. Amounts owed to joint ventures are detailed in note 4.


There have been no material changes in the related party transactions described in the last annual report.

11. Note to the Consolidated Statement of Changes in Equity

At 30 September 2010, of the issued 25p ordinary shares, 1m were held in the ESOP Trust (31 March 2010: 2m; 30 June 2010: 2m; 30 September 2009: 2m), 11m were held as Treasury shares (31 March 2010: 11m; 30 June 2010: 11m; 30 September 2009: 11m) and 878m shares were in free issue (31 March 2010: 866m; 30 June 2010: 872m; 30 September 2009: 857m). All shares are fully paid.




12. Basis of preparation

The financial information for the year ended 31 March 2010 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 498(2) or (3) of the Companies Act 2006.




The financial information included in this announcement has been prepared on a going concern basis using accounting policies consistent with International Financial Reporting Standards (IFRS) and in accordance with IAS 34 'Interim Financial Reporting'. The same accounting policies, estimates, presentation and methods of computation are followed in the quarterly report as applied in the Group's latest annual audited financial statements. The current period financial information presented in this document is unaudited.




The Group's business activities, financial position, cash flows, liquidity position and financing structure are discussed on pages 3 to 14. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.



The interim financial information was approved by the Board on 15 November 2010.

Table A

Summary income statement based on proportional consolidation
for the period ended 30 September 2010

The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto. It presents the results of the Group, with its share of the results of funds and joint ventures included on a line by line, i.e. proportional basis. The underlying profit before taxation and total profit after taxation are the same as presented in the consolidated income statement.






Year
ended						Three months ended					Six months ended
31 March						30 September			30 September		30 September			30 September
2010						2010			2009		2010			2009
£m						£m			£m		£m			£m

538		Rent receivable				123			140		246			281


23		Spreading of tenant incentives and guaranteed rent increases				9			7		21			14

561		Gross rental income				132			147		267			295

(16)		Property operating expenses				(5)			1		(12)			(4)

545		Net rental income				127			148		255			291

15		Fees and other income				5			2		9			6

(65)		Administrative expenses				(17)			(14)		(32)			(32)

(246)		Net interest costs				(52)			(70)		(105)			(136)

249		Underlying profit before taxation				63			66		127			129

908		Net valuation movement (includes profits and losses on disposal)				103			100		216			(232)


(9)		Non-recurring items *				(4)					(4)

(15)		Amortisation of intangible assets				(4)			(3)		(8)			(7)

		Profit (loss) on ordinary activities
1,133		before taxation				158			163		331			(110)

(5)		Tax charge relating to underlying profit				(1)			(1)		(3)			(3)

(12)		Deferred tax				10			(3)		11			(1)

24		Other taxation							2					2

1,140		Profit (loss) for the period after taxation				167			161		339			(112)

28.4p		Underlying earnings per share - diluted basis				7.1p			7.6p		14.2p			14.8p

* Non-recurring items in the current period amount to £4m, being the fair value adjustment on the buy back of Group debentures. In the year ended 31 March 2010, non-recurring debt break costs of £9m were incurred in HUT.


The underlying earnings per share is calculated on underlying profit before taxation of £127m, tax attributable to underlying profits of £3m and 876m shares on a diluted basis, for the six months ended 30 September 2010 and underlying profit before taxation of £63m, tax attributable to underlying profits of £1m and 879m shares on a diluted basis, for the three months ended 30 September 2010.




Table A (continued)

Summary balance sheet based on proportional consolidation
as at 30 September 2010

The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto. It presents the composition of the EPRA net assets of the Group, with its share of the net assets of funds and joint ventures included on a line by line, i.e. proportional basis and assuming full dilution.





31 March								30 September		30 September			30 June
2010								2010		2009			2010
£m								£m		£m			£m

5,602	Retail properties							5,726		4,760			5,632
2,736	Office properties							2,928		3,350			2,846
201	Other properties							203		183			204
8,539	Total properties							8,857		8,293			8,682

156	Other investments							51		65			156
10	Intangible assets							2		17			6
(217)	Other net liabilities							(237)		(351)			(231)
(4,081)	Net debt							(3,990)		(4,824)			(4,052)

4,407	EPRA NAV (note 1)							4,683		3,200			4,561

504p	EPRA NAV per share (note 1)							525p		372p			515p

	Total property valuations including share of funds and joint ventures

4,152	British Land Group							4,326		5,532			4,254

	Share of funds and joint ventures
4,395	Investment properties							4,539		2,735			4,436
	Development properties									35
(8)	Head lease liabilities							(8)		(9)			(8)

4,387								4,531		2,761			4,428

8,539	Total property portfolio valuation							8,857		8,293			8,682

	Calculation of EPRA NNNAV per share

4,407	EPRA NAV							4,683		3,200			4,561

(43)	Deferred tax arising on revaluation movements							(33)		(30)			(42)

(129)	Mark to market on effective cash flow hedges and related debt adjustments							(179)		(128)			(155)

285	Mark to market on debt							52		725			175

4,520	EPRA NNNAV							4,523		3,767			4,539

517p	EPRA NNNAV per share							507p		438p			512p


EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of the debt and derivatives and to include the deferred taxation on revaluations.




INDEPENDENT REVIEW REPORT TO THE BRITISH LAND COMPANY PLC

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 which comprises the Consolidated Income Statement, the Consolidated Balance Sheet, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Cash flows, the Consolidated Statement of Changes in Equity, and the related notes 1 to 12. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.






This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.





Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.



As disclosed in note 12, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.



Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.


Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.







Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2010 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.




Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
15 November 2010

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