|Prior period(2)||Statutory measures||May 2019||Prior period(2)|
|EPRA NAV per share (pence)(3)||492.5||484.0||NAV per share (pence)(3)||476.4||470.2|
|Total accounting return (%)||2.2||2.0||Interim dividend per share (pence)||3.6||3.1|
|Adjusted EPRA earnings (£m)||16.2||13.9||Profit for the half year (£m)||23.1||20.8|
|Adjusted EPRA EPS (pence)||7.3||6.3||Basic EPS (pence)||10.5||9.4|
|See-through loan-to-value (%)||20.7||16.9||Group net debt (£m)||326.1||274.3|
- NAV per share up 1.3% to 476.4 pence (Nov 2018: 470.2 pence)(3).
- Total accounting return up to 2.2% (2018: 2.0%) despite a 1.2ppt drag from residual non-core retail.
- Adjusted EPRA EPS up 15.9% to 7.3 pence (2018: 6.3 pence) notwithstanding major disposals during 2018.
- Interim dividend up 16.1% to 3.6 pence (2018: 3.1 pence) reflecting solid growth in earnings.
- See-through LTV up 3.8ppt to 20.7% (Nov 2018: 16.9%) due to reinvestment of disposal proceeds.
Strong momentum in executing our growth-focused strategy, building on the substantial opportunities in our existing portfolio across three sectors and areas with good structural growth prospects.
Industrial & logistics: substantial growth and capturing ERV
- Continued to grow industrial & logistics exposure to 39% of total portfolio by value (Nov 2018: 33%) driven by successful developments and underlying growth.
- Delivered 0.3m sq ft of new space during the period, of which 97% will be retained, with 91% of the associated £2.2m ERV let or under offer.
- Grown committed pipeline from 1.5m sq ft to 1.6m sq ft since start of 2019, of which 1.5m sq ft will be retained with an ERV of £10.4m (start of 2019: 1.3m sq ft and £9.2m), 14% of which is under offer.
- Continued to progress total pipeline of over 15m sq ft, c. 60% of which already has planning with an associated c. £60m ERV, providing clear opportunity to further accelerate development activity.
St. Modwen Homes: continued growth in volumes and margins
- Delivered 36% growth in volumes with 411 units sold in the first half (2018: 302 units) and increased margins to 14.8% (2018: 14.6%), driving 37% growth in operating profit to £15.2m (2018: £11.1m).
- Continue to target up to 25% growth in volumes and a c. 0.5ppt improvement in margins from last year’s 14.4% for the full year, with private order book up 25% compared to this time last year.
- Clear visibility and full control of pipeline to continue to grow volumes by up to 25% p.a. until 2021, with new outlets focused on more affordable locations outside London and South East.
Strategic land & regeneration: monetising residential land and good progress across major projects
- Sold 374 residential plots to third-party housebuilders for £13m during the half year (2018: £27m) and agreed terms for the sale of over 1,500 plots across two large sites in South Wales via two separate deals which are currently being progressed.
- Completed latest phase of 411 student beds at Swansea Bay Campus and commenced latest phase of fully pre-let office development at Longbridge.
- Sold £18m of non-core assets, leaving residual non-core assets of £143m including £72m of retail, with c. 25% of the latter sold or under offer and a further c. 40% in active negotiations.
- Strong growth from existing pipeline and capital base expected to deliver meaningful improvement in return on capital and potential to broadly double adjusted EPRA EPS in medium term.