Total dividend for the year increased 10% to 6.66p (2021: 6.05p), with the proposed final dividend increasing to 4.00p (2021: 3.63p), payable on 2 June 2023 to shareholders on the register as at 5 May 2023. The ex-dividend date is 4 May 2023.
Other Financial Highlights:
- Underlying profit of £56.1m (2021: £29.3m) driven by residential land and property development sales
- Revenue of £341.4m (2021: £230.6m), up 48.0%, driven by delivery of committed development programme
- Profit before tax increased to £45.6m (2021: £35.1m) up 29.7%, after deducting £10.5m for revaluation movements on completed investment property as UK commercial property values fell
- Increased ROCE of 12.0% (2021: 9.6%), up 240 bps, within their medium-term strategic target of 10-15%
- EPS grew to 25.0p (2021: 21.2p), up 17.9%
- NAV per share grew to 295p (December 2021: 267p), an increase of 10.5%, due to strong operational performance. Excluding the defined benefit pension scheme surplus, an underlying increase of 5.3% to 290p (December 2021: 276p)
- Robust balance sheet, with Net Debt of £48.6m (2021: £40.5m) following strategic investments made during the year, gearing remains prudent at 12.3% (2021: 11.4%)
- Performance reflects effective management of capital and risk in their three key markets: Industrial & Logistics, Residential and Urban Development
