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Financial Highlights (as at 30th Nov 2016)


Non-statutory measures

2016

2015

Note ref.

 

Statutory measures

2016

2015

EPRA NAV per share (p)

Total accounting return (%)

Profit before all tax (£m)

Trading profit (£m)

460.5

4.5

60.8

56.1

446.4

31.9

258.4

63.3

 2g

2g

2a

2a

 

NAV per share (p)

Total dividend per share (p)

Profit before tax (£m)

Earnings per share (p)

431.0

6.00

66.9

24.1

413.5

5.75

235.2

97.9

Reconciliations between all the statutory and non-statutory measures and the explanations as to why the non-statutory measures give valuable further insight into the Group's performance are given in Note 2 to the Group Financial Statements. In particular, profit before all tax is used because it reflects the way the Group is run on a proportionally consolidated basis, and because it also removes the taxation effects on equity accounted entities from the statutory profit before tax figure.

  • EPRA NAV per share up 3.2% to 460.5 pence (2015: 446.4 pence) and NAV per share up 4.2% to 431.0 pence from 413.5 pence. 
  • Total accounting return of 4.5% (2015: 31.9%).
  • Trading profit of £56.1m (2015: £63.3m), demonstrating strength of underlying business. 
  • Profit before all tax of £60.8m (2015: £258.4m).
  • Earnings per share of 24.1 pence (2015: 97.9 pence).
  • Total dividend for the year increased by 4.3% to 6.00 pence per share (2015: 5.75 pence per share).

Operational highlights

  • Balanced and diversified portfolio is well positioned for growth across residential and commercial markets:
    • resilient regional commercial portfolio delivered approximately 800,000 sq ft of commercial space in 2016 and near term development pipeline now stands at 1.6m sq ft, with further potential for long-term value creation; and
    • strong performance from the residential business with operating profits of £27.1m (2015: £26.7m), supported by excellent progress from St. Modwen Homes achieving 49% growth in profits.
  • Good progress with major projects:
    • Nine Elms Square, New Covent Garden Market, London - Whilst there is no guarantee of any transaction completing, now in exclusive negotiations with prospective purchaser at a level firmly supportive of book value. 
    • Bay Campus, Swansea University - Currently assessing our options with respect to our student accommodation assets, comprising over 2,000 student rooms. 
    • Longbridge, Birmingham -Latest phase of the town centre now complete and let and St. Modwen Homes now progressing works to new phase of housing. Continuous stream of other activity advancing on site, including the 180 bedroom facility for staff at the Royal Centre for Defence Medicine.  

Strategy and portfolio review

  • Large, diverse land bank, unrivalled track record and expertise, and robust balance sheet underpin long-term opportunity.
  • Following the appointment of Mark Allan as Chief Executive, review of portfolio and business strategy now underway.
  • Outcomes to be communicated early summer 2017.