Chris Gibson-Smith, a former chairman of British Land Company and ex-group managing director of BP, told investors that the search for a successor will be completed by the end of December next year. He will have held the chairmanship for 12 years by that time.

Earlier on Wednesday reported a 16 percent rise in income in the first quarter thanks in part to a revival in stock market listings.

(Reporting by Clare Hutchison; Editing by David Goodman)