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Half Year Results 2017

Performance Highlights

  • On track to meet full year market expectations and deliver medium-term growth
  • As previously announced, H1 trading was constrained by the lower forward order book brought into the year as a result of the market uncertainty following the EU Referendum, the anticipated weighting of legal completions from higher margin sites into the second half of the year and the lower number of sales releases during the period (2017: 32, 2016: 36).
  • Total legal completions of 866 units (2016: 923 units) at a gross average selling price of £260k (2016: £257k), with further pricing improvements expected in H2 reflecting the quality and location of developments being brought to market.
  • Statutory profit before tax of £21.8m (2016: £29.0m) and underlying profit before tax of £22.8m (2016: £39.1m). Higher weighting of volume and margins expected in H2 in line with previous guidance. 
  • Strong balance sheet and robust financial position, with net debt of £30.4m (2016: £23.9m), equivalent to gearing of 4% (2016: 4%).
  • Underlying trading conditions remained stable with lead sales indicators (enquirers, sales leads and visitors) well ahead of the previous year.
  • Sales momentum has increased over the last five weeks, with total forward order book including legal completions now running only c.1% behind prior year at c.£496m at end of March 2017, week 30, (2016: £503m). 
  • Particularly strong period for planning with detailed planning consents achieved on 34 sites representing c.1,314 units (2016: 19 sites representing c.780 units), securing further land bank to support future growth.
  • In line with the Group’s progressive dividend policy, the Group is announcing an interim dividend of 1.8p per share (2016: 1.0p per share – pro-rated for period since listing), to be paid on 9 June 2017 to shareholders on the register at close of business on 28 April 2017.

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



(H1 2016: £250.2m)

Net Average Selling Price


(H1 2016: £253k)

Underlying profit before tax


(H1 2016: £39.1m)

Underlying Basic EPS


(H1 2016: 6.0p)

Previous Results