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Financial Highlights (as at 31st May 2017)


Non-statutory measures(*)

May

2017

Prior period

 

Statutory measures

May 2017

Prior period

 

EPRA NAV per share (pence)

Total accounting return (%)

Profit before all tax (£m)

Trading profit (£m)

468.4

2.6

29.3

26.4

460.5

1.8

30.0

34.4

 

NAV per share (pence)

Interim dividend per share (pence)

Profit before tax (£m)

Earnings per share (pence)

439.6

2.02

31.6

12.1

431.0

1.94

35.5

11.8

 

  • EPRA NAV per share up 1.7% to 468.4 pence (Nov 2016: 460.5 pence) and NAV per share up 2.0% to 439.6 pence from 431.0 pence.
  • Total accounting return for the six months of 2.6% (2016: 1.8%).
  • Profit before all tax of £29.3m (2016: £30.0m), reflecting a more stable valuation environment.
  • Earnings per share of 12.1 pence (2016: 11.8 pence).
  • Interim dividend increased by 4.1% to 2.02 pence per share (2016: 1.94 pence per share).

Operational highlights

  • Resilient commercial performance with approximately 400,000 sq ft of commercial space delivered in the first half.
  • Strong residential performance with operating profits of £13.4m (2016: £12.9m) supported by excellent progress from St. Modwen Homes which achieved 55% growth in profits, offsetting the planned decline in the Persimmon JV as it winds down.
  • Good progress with major projects:
    • Nine Elms Square, New Covent Garden Market, London - in June, exchanged contracts for the sale of our interest in the 10-acre Nine Elms Square site in London to Wanda Commercial Properties (Hong Kong) Co Ltd.
    • Bay Campus, Swansea University - progressing with the sale of our student accommodation assets to take advantage of the strong investment demand for student housing.

Strategy and portfolio review

  • Review of strategy and portfolio now complete and highlighting significant potential within business and portfolio.
  • Upon completion, sale of Nine Elms Square releases significant capital to pursue strategic opportunities.