British Land has suffered a £1.3bn IFRS fair value loss on the back of the
100 giant said in its third quarter report to 31 December that the reflected
a pre-tax IFRS loss on ordinary activities.
The loss comes as a consequence of IFRS fair value requirements relating to
its investments. For the same period in 2006, the company made a £381m profit.
Because of the value decline, its gearing jumped to 45%.
British Land chairman Chris Gibson-Smith said: ‘Macro-economic uncertainty
and the global credit crunch have depressed property values. However, the worst
should now be behind us, though uncertainties remain on timing and extent of the
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016