Financial Highlights

Financial highlights Non-statutory measures  2017  2016  Statutory measures  2017  2016 
EPRA NAV per share (pence) 471.2 460.5 NAV per share (pence) 450.9 431.0
Total accounting return(2) (%) 6.0 5.6 Total dividend per share (pence) 6.28 6.00
Trading profit (£m) 64.6 56.1 Profit before tax (£m) 70.3 66.9
Adjusted EPRA EPS(3) (pence) 13.3 9.7 Basic EPS (pence) 26.9 24.1
See-through loan-to-value (%) 24.2 30.5 Group net borrowings (£m) 433.8 470.0


  • NAV per share up 4.6% to 450.9 pence (2016: 431.0 pence).
  • Total accounting return for the year up 0.4ppt to 6.0% (2016: 5.6%).
  • Trading profit up 15.2% to £64.6m (2016: £56.1m).
  • Total dividend up 4.7% to 6.28 pence per share (2016: 6.00 pence per share).
  • See-through LTV down 6.3ppt to 24.2% (2016: 30.5%).
  • Successfully refinanced majority of debt facilities with new £475m unsecured facility post year end, providing greater flexibility and longer debt maturity at lower cost.

Operational highlights

Building momentum in executing our more focused strategy based on four strategic objectives, with a clear focus on sectors with long-term structural growth characteristics.

Portfolio focus and capital discipline:

  • Good progress achieved in shifting portfolio mix by increasing exposure to income producing assets to 51% (2016: 45%), with intention to further increase this over time.
  • Sold Nine Elms Square land for £190m net proceeds, £27m small assets, Swansea student housing for £87m net proceeds post year end and intend to sell £100-150m retail and small assets in 2018, with terms agreed on c. £40m of this.

Accelerate our commercial development activity

  • Delivered 1.4m sq ft new space with total GDV of £216m, including 0.9m sq ft industrial and logistics space of which we will retain £66m, with 1.6m sq ft committed pipeline at start of 2018 expected to grow further during the year.
  • Prepared pipeline to deliver continued growth in 2019 and 2020 subject to tenant demand, with 7.5m sq ft medium term A1 industrial and logistics pipeline which has a GDV of c. £700m and ERV of c. £45m of which we expect to retain the majority.

Grow our residential and housebuilding business

  • Sold 54 acres of residential land to third party housebuilders for £56m (2016: £48m) at or above book value, with at least similar volume expected for 2018.
  • Delivered 43% growth in St. Modwen Homes’ volumes to 694 units sold (2016: 485), driving 52% growth in pre-tax profits to £23.3m (2016: £15.3m), with up to 25% growth in volumes expected for 2018.

Cement and grow our regeneration reputation

  • Started next phase of development of academic facilities and student housing at Bay Campus, Swansea, having released £87m of capital from the sale of the first phase.
  • Progressed development of NCGM market facilities following the sale of the first ten acres of land and further phases of mixed-use development at Longbridge.
  • Secured two major new residential schemes in Wantage and Buckover for combined 4,500 new homes on a ‘capital light’ basis.