Apartment development on the canal

Financial


Revenue

£90.7m

2016: £101.9m

Basic Earnings per share

7.82p

2016**: 14.01p

Profit before tax

£19.6m

2016**: £33.7m

Adjusted EPRA net asset value per share

96.22p

2016: 91.54p

Year end cash balances

£26.5m

2016: £16.7m

Dividend per share

1.7p

2016: 1.3p

  • 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:
  30 June
2017

30 June
2016
restated

EPRA NAV 91.88p 88.22p
Adjusted EPRA NAV 96.22p 92.34p
  • 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.

Operational


Private housing units sold

188

2016: 147

Residential land plots sold (including those within disposal of joint venture and subsidiary)

780

2016: 425

Land bank plots

6936

2016: 6681

Plots with planning permission & resolution to grant planning consent

2137

2016: 1163

Plots without planning permission

4799

2016: 5518

Current annual rental income

£2.4m

2016**: £2.5m

  • Expansion of land bank to 6,936 plots (2016: 6,681), including 20 sites under option providing control over 408 acres of strategic land with the potential for over 2,200 residential plots
  • 188 private homes sold at an average price of £306,000 (2016: £337,000), with 427 currently under construction (including 43 within a joint venture)
  • Planning permission or resolution to grant planning permission gained on 1,856 plots (2016: 1,096) during the year
  • Forward sales remain strong, currently totalling £33.0 million (including £5.4 million within joint ventures) (2016: £22.5 million) including the 36 units exchanged at the successful launch of Centre Square at Lily’s Walk in High Wycombe
  • Disposal of 780 plots across 10 sites during the year, for a total consideration of £49.3 million (2016: £43.3 million) including land sold via disposals of subsidiary and joint venture
  • 3 major construction contract projects in contract for 219 units and £41.5 million turnover

** Restated figures - further information can be found in note 29 to the accounts.