| Financial | H1 2013 | H1 2012 |
| Group revenue¹ | £678.3m | £746.8m |
| Profit before tax | £32.3m | £32.2m |
| Net debt | £58.2m | £69.8m |
| Earnings per share | 31.3p | 31.1p |
| Dividend per share | 12.0p | 9.0p |
Group
Strong half year results, on track for full year.
Net debt of £58.2 million (H1 2012: £69.8 million).
Disciplined growth strategy with a focus on margin improvement.
Dividend up 33%, continuation of progressive dividend policy.
Housebuilding
Record number of total completions at 1,364 units; 1,229 units net of joint venture partner share (H1 2012: 1,352 and
1,216 respectively).
12.1% housebuilding margin showing good progress (H1 2012: 12.6% reducing to 11.0% after excluding a significant
land sale profit of £6.9 million).
5% increase in total sales currently reserved, contracted and completed at £638 million (H1 2012: £605 million).
100% of plots for planned production in 2013 and 2014 secured with 65% secured for 2015, 84% of our 10,700 plot
landbank acquired at current market values (H1 2012: 76% of 10,700).
Construction
Construction margin of 1.9% in line with expectations in a continuing difficult market (H1 2012: 2.2%).
Maintained focus on contracts with acceptable returns. Stable order book at £1.6 billion (H1 2012: £1.6 billion),
underpinned by strength in long term frameworks. 100% of 2013 projected revenues have been secured, with 65%
secured for 2014 (H1 2012: 100% and 67% respectively).
Construction cash balance of £137 million in line with forecast (H1 2012: £149 million).
DIVIDEND
In line with the strategy outlined above and reflecting the Group's strong performance during the half year to 31 December 2012 the Directors have declared an interim dividend of 12.0 pence per share (H1 2012: 9.0 pence) which will be paid on 10 April 2013 to shareholders on the register at close of business on 22 March 2013.
