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Half Year Result 2016

Financial Summary

  • Further period of strong growth and significant investment progress. Full year expectations remain in line with previous guidance of 20% volume growth and c.100bps improvement in ROCE
  • Underlying profit before tax up 23% to £39.1m
  • Legal completions up 19% to 923 units at a net average selling price of £253k – 12% higher than 2015 – delivering revenue up 33% to £250.2m
  • Operating profit decreased by 11% to £30.1m, after £9.0m of exceptional costs primarily relating to the IPO
  • Underlying operating profit up 10% to £40.2m, despite first half investment in new regional offices and additional operational infrastructure
  • Strong balance sheet and robust financial position, with net debt at the half year of £23.9m, equivalent to gearing of 4%
  • Further improvements in capital turn to 1.0x as a result of progress with three strategic initiatives
  • First pro rata interim dividend of 1.0p per share, to be paid to shareholders on the register at close of business on 29 April 2016. Expected final dividend of not less than 3.5p per share
  • Successful IPO on the London Stock Exchange; entered the FTSE 250 on 21 March 2016

Our Market

Compelling market demographics

Considerable addressable market for retirement housing today, with the demographic set to grow rapidly. Only age group where rates of home ownership have risen in recent years1.

Please click on the image to enlarge.

Compelling market demographics

Financial Highlights



(2015: £188.5m)

Net Average Selling Price


(2015: £226k)

Underlying profit before tax


(2015: £31.8m)

Underlying Basic EPS


(2015: 5.3p)

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