Final Results.
Financial highlights
-- Profit before tax up 34% to GBP50.4m (2010: GBP37.5m).
-- Shareholders' NAV up 9% to 232p per share (2010: 213p per share), and EPRA NAV up 9% to 250p per share (2010: 229p per share).
-- Realised property profits up 9% to GBP23.8m (2010: GBP21.9m)
-- Net rents up 5% to GBP35.5m. (2010: GBP33.7m).
-- Valuation gains of GBP34m (2010: GBP23m) in a flat market, of which GBP33m (2010: GBP18m) of these gains were driven by active management and planning gain.
-- Gearing at year end of 73% (2010: 72%). All corporate on-balance sheet facilities extended until at least 2014.
-- Terms agreed for new five year debt facilities on KPI joint venture.
-- Dividends for the year increased 10% to 3.3p per share.
Operational highlights
-- Secure development programme for 2012 with commercial developments already on site to deliver in excess of GBP15m profit in 2012.
-- Positive outlook for residential land with good levels of housing sales already achieved and strong on-going demand.
-- Excellent relationship with principal partners Persimmon, Vinci and Salhia: well placed to deliver growing returns in 2012 and beyond.
-- Substantial future pipeline in place, with significant opportunities emerging at:
o Elephant & Castle
o Swansea University
o Longbridge
o Project MoDEL