AGM target for British Land role split

BRITISH LAND'S search for a new chief executive is expected to be concluded by its annual meeting next July. This follows veteran City property developer John Ritblat's reluctant decision to relinquish the dual role of chairman and chief executive. Dr Chris Gibson, chairman of the nomination committee appointed to choose a new chief executive, said today it was making 'good progress' in its search.

Pressure by dissident shareholder Laxey Partners to conduct a share buyback worked well for the group's net asset value. It went up at the interim stage ended in September to 870p, a 1.2% rise after £135m of share buybacks in 18 months.

Ritblat says that financial sector recruiting in the City has begun to increase. Offices represent 46% of its portfolio, 95% of them in central London. Interim pre-tax profits grew 33.4% to £87.1m.The interim dividend is increased 8% to 4.43p.