- Revenue of £90.7 million (2016: £101.9m) which excludes £27 million of land sales revenue where the transactions have been shown as a gain on sale of subsidiary or joint venture
- Following the adoption of EPRA performance measures to fully reflect unrealised value within the Group’s land bank, the pre-tax EPRA net asset value is:
|Adjusted EPRA NAV
- 12.2% increase in net asset value to £130.6 million
- Cash balances of £26.5 million (2016: £16.7 million) and net debt of £68.0 million (2016: £54.6 million), reflecting increased land holdings and work in progress
- Profit before tax and before revaluation of investment properties increased 15.3% to £18.1 million (2016 restated**: £15.7 million)
- 100% of borrowings now due after more than one year and 53.5% due in more than three years
- 33% increase in proposed final dividend to 1.2p per share reflecting robust underlying performance and confidence in outlook
* The Group adopted the performance measures of the European Public Real Estate Association (EPRA) from December 2015, therefore prior year comparatives consist of net asset value only, without the uplift of the underlying asset value.
** Restated figures - further information can be found in note 29 to the accounts.