Balance sheet
|
2019 |
2020 |
2021 |
2022 |
2023 |
|
| Property portfolio | 2,025.0 | 1,987.1 | 1,894.5 | 2,144.4 | 1,922.2 |
| Joint ventures | 511.9 | 647.0 | 626.4 | 582.8 | 538.8 |
| Trading property | 5.6 | – | – | - | - |
| Loans and borrowings | (296.0) | (444.3) | (488.6) | (531.2) | (458.5) |
| Other net (liabilities)/assets | 63.2 | 13.3 | (60.7) | (83.1) | (83.9) |
| Net assets | 2,309.7 | 2,203.1 | 1,971.6 | 2,112.9 | 1,918.6 |
| Financed by | |||||
| Issued share capital | 41.4 | 38.7 | 38.7 | 38.7 | 38.7 |
| Reserves | 2,268.3 | 2,164.4 | 1,932.9 | 2,074.2 | 1,879.9 |
| Total equity | 2,309.7 | 2,203.1 | 1,971.6 | 2,112.9 | 1,918.6 |
| Net assets per share | 851p | 868p | 779p | 835p | 757p |
| Net assets per share - EPRA* | 853p | 868p | 779p | 835p | 757p |
Income statement*
|
2019 |
2020 |
2021 |
2022 |
2023 |
|
| Revenue | 112.7 | 102.5 | 88.5 | 84.2 | 91.2 |
| Cost of sales | (49.7) | (27.7) | (24.7) | (30.1) | (32.2) |
| 63.0 | 74.8 | 63.8 | 54.1 | 59 | |
| Administration expenses | (25.1) | (29.0) | (25.2) | (35.0) | (38.3) |
| Estimated credit loss | (0.3) | (0.1) | (7.7) | (4.1) | (0.8) |
| Development management losses | (0.3) | (0.2) | (0.1) | (0.4) | (0.1) |
| Operating profit before deficit from property and results of joint ventures | 37.3 | 45.5 | 30.8 | 14.6 | 19.8 |
| (Deficit)/surplus on investment property | 7.3 | (52.6) | (156.8) | 107.9 | (145.0) |
| Surplus on revaluation of investments | - | - | - | - | 0.1 |
| Share of results of joint ventures | 10.0 | 57.9 | (76.2) | 45.9 | (33.4) |
| Operating (loss)/profit | 54.6 | 50.8 | (202.2) | 168.4 | (158.5) |
| Finance income | 8.3 | 7.3 | 8.0 | 7.4 | 6.0 |
| Finance costs | (8.1) | (6.5) | (7.8) | (9.1) | (11.5) |
| Fair value movement on convertible bond | 1.3 | – | – | - | - |
| (Loss)/profit before tax | 56.1 | 51.6 | (202.0) | 166.7 | (164.0) |
| Tax | (6.6) | 0.2 | 0.1 | 0.5 | 0.1 |
| (Loss)/profit for the year | 49.5 | 51.8 | (201.9) | 167.2 | (163.9) |
| (Loss)/earnings per share - basic | 17.9p | 20.0p | (79.8)p | 66.1p | (64.8)p |
| (Loss)/earnings per share - diluted | 17.1p | 20.0p | (79.8)p | 66.0p | (64.8)p |
| EPRA earnings per share - diluted | 19.4p | 22.0p | 15.8p | 10.8p | 9.5p |
| Dividend per share | 12.2p | 12.6p | 12.6p | 12.6p | 12.6p |
* The directors have changed the way in which the Group’s performance is presented on the face of the income statement. The underlying results have not been amended and this modified presentation has had no effect on operating profit or profit for the year.