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Property giant The British Land Company Plc has made a half-year after-tax loss of 拢730million as the coronavirus pandemic cut retail sales and footfall in its shopping centres.

The company, which announced a 拢1.1billion annual loss in May 2020, has now seen underlying profit fall by 29.6% to 拢107million and dividend per share fall from 15.97p to 8.4p.

It has been hit by the impact Covid-19 and two national lockdowns have had on retail across a huge portfolio which includes Meadowhall shopping centre in Sheffield, the , and the Drake Circus Shopping Centre and neighbouring The Barcode leisure complex in Plymouth.

Just 86% of its tenant shops were trading before Prime Minister Boris Johnson ordered a four-week national lockdown from November 5.

And prior to that footfall in September and October was only at 82% of a year earlier, with retail sales at 85% of the same period in 2019.

In September, was only able to collect in 62% of the rents due to it for the three-month quarter. The value of its portfolio has dropped 7.3%, with the value of its retail assets down 14.9%.

However, bosses are remaining upbeat and say the company is 鈥渕ore financially resilient鈥� with an 鈥渦nrivalled pipeline of opportunities鈥�.

It has sold 拢2.1billion of assets, including 拢1.2billion of retail property, and said it will be investing proceeds into development opportunities, particularly mixed-use schemes, which include offices.

British Land is still confident in the office sector, despite many firms moving towards having staff working from home, and is also relying on its out-of-town retail parks, which make up 48% of its retail portfolio and have been 鈥渟ignificantly outperforming benchmarks鈥�.

Simon Carter, who steps up from being chief financial officer to become chief executive on November 18, said: "I take on the role of CEO at a unique time, but what I've seen since returning to British Land, especially over the last six months, reinforces my belief in the strength of our business and gives me confidence in the future.

鈥淭he quality of our office business has been clearly demonstrated, with rent collection of 97% and occupancy of 95%. Many of our customers have seen that their people can work more flexibly, but they are clear that great office space, such as we deliver at our mixed use campuses, will continue to play a crucial role in their success, by promoting innovation, collaboration, training and culture.

鈥淚nvestors are increasingly taking a similar long-term perspective, looking through Covid, to acquire prime London offices at pricing close to pre-pandemic levels.

鈥淥ur first half results naturally reflect the challenges in retail. Against this backdrop, we remain focused on active asset management, working to maximise rent collection and keeping our units occupied with successful retailers.

鈥淭here is a clear preference from shoppers and retailers for out-of-town, open-air retail parks. Our approach and attractive asset mix means that prior to the November lockdown, we were delivering significant outperformance on footfall and retailer sales and a steady improvement in rent collection levels.

鈥淲e remain thoughtful and active in terms of capital allocation, executing 拢675million of sales since April, enhancing the strength and resilience of our balance sheet. We have also resumed the dividend on the basis of a fixed percentage payout of underlying earnings to provide maximum strategic and financial flexibility.

鈥淕oing forward, we have four clear priorities for our business: realising the potential of mixed use; progressing value accretive development; addressing the challenges in retail; and active capital recycling."

Chris Grigg, who is stepping down as chief executive after 11 years, said: "I am immensely proud of what we have achieved in my time at British Land. Today, despite the unprecedented situation brought about by Covid, our business is more financially resilient, our focus on mixed-use London campuses is clear and we have an unrivalled pipeline of opportunities.

鈥淲e are closer to our customers and our expertise in creating and managing space that reflects their needs has never been more important. Under Simon's leadership the business is well placed to build on these advantages, navigate the short term challenges and thrive in the long term."