Highlights
Significant improvement against all of our key financial objectives:
Group operating profit margin increased 240 basis points to 13.6% (2012: 11.2%)
Group return on net operating assets increased 350 basis points to 16.8% (2012: 13.3%)
Tangible net asset value per share increased 13.2% to 69.6p (2012: 61.5p)
Cash return to shareholders:
o Initial c.£250 million: £50 million in 2014 and £200 million in 2015
o Strategy expected to lead to further significant annual payments from 2016
Final maintenance dividend proposed 0.47p (2012: 0.43p), giving total for year of 0.69p (2012: 0.62p)
Strong UK operational performance
39.1% increase in operating profit to £312.8 million (2012: £224.8 million**)
Completed 11,696 homes at an average selling price of £191k (2012: 10,886 homes at £181k)
31.4% increase in total order book value to £1,246 million at 31 December 2013 (2012: £948 million)
Reaching the optimal landbank size for our business with c.9.2k plots converted from the strategic land pipeline
Invested £227.0 million in local communities (2012: £180.8 million)
33% fall in the accident rate on site
Pete Redfern, Chief Executive, commented:
"In a housing market showing significant recovery for the first time in five years, we have strongly improved our operating performance, increasing operating profits by 39%. Most importantly, we have continued to make significant investment for the future, adding to our short term landbank and strategic land pipeline and increasing the level of training and development of staff, at all levels, from site trades to office technical roles. This strong platform and our clear operating and financial strategy leave the Group well positioned to continue to make further progress in the years ahead."
