Five Year Record

2022
£m

2023
£m

2024
£m

2025
£m

2026
£m

Property portfolio

2,144.4

1,922.2

1,929.2

2,455.5

2,512.2

Joint ventures

582.8

538.8

491.3

507.2

537.5

Trading property

-

-

-

-

-

Loans and borrowings

(531.2)

(458.5)

(740.4)

(848.0)

(793.4)

Other net (liabilities)/assets

(83.1)

(83.9)

(97.1)

(114.0)

(129.6)

Net assets

2,112.9

1,918.6

1,583.0

2,000.7

2,126.7

Financed by

Issued share capital

38.7

38.7

38.7

62.0

62.0

Reserves

2,074.2

1,879.9

1,544.3

1,938.7

2,064.7

Total equity

2,112.9

1,918.6

1,583.0

2,000.7

2,126.7

Net assets per share

835p

757p

521p

496p

527p

Net assets per share - EPRA*

835p

757p

520p

494p

524p

2022
£m

2023
£m

2024
£m

2025
£m

2026
£m

Revenue

84.2

91.2

95.4

94.2

117.9

Cost of sales

(30.1)

(32.2)

(33.3)

(35.1)

(49.3)

54.1

59

62.1

59.1

68.6

Administration expenses

(35.0)

(38.3)

(42.3)

(40.0)

(44.2)

Estimated credit loss

(4.1)

(0.8)

(0.1)

(0.2)

(0.1)

Development management losses

(0.4)

(0.1)

-

-

-

Operating profit before deficit from property and results of joint ventures

14.6

19.8

19.7

19.5

24.3

(Deficit)/surplus on investment property

107.9

(145.0)

(267.3)

83.2

99.4

Surplus on revaluation of investments

-

0.1

(0.2)

(0.4)

0.4

Share of results of joint ventures

45.9

 (33.4)

(46.7)

21.8

33.3

Operating (loss)/profit

168.4

 (158.5)

(294.5)

124.1

157.4

Finance income

7.4

 6.0

6.1

7.2

6.0

Finance costs

(9.1)

 (11.5)

(17.1)

(13.1)

(10.9)

Fair value movement on convertible bond

-

 -

(1.7)

(0.4)

-

(Loss)/profit before tax

166.7

 (164.0)

(307.8)

117.8

152.5

Tax

0.5

 0.1

-

(1.8)

2.0

(Loss)/profit for the year

167.2

 (163.9)

(307.8)

116.0

154.5

(Loss)/earnings per share - basic

66.1p

 (64.8)p

(121.7)p

30.2p

38.3p

(Loss)/earnings per share - diluted

66.0p

 (64.8)p

(121.7)p

30.1p

38.1p

EPRA earnings per share - diluted

10.8p

 9.5p

7.1p

5.2p

8.5p

Dividend (£m)

31.9

31.9

31.9

31.8

31.9