Final Results
Financial Highlights
· Shareholders' NAV up 8% to 251p per share (Nov 2011: 232p per share), and EPRA NAV up 9% to 272p per share (2011: 250p per share)
· Profit before all tax £52.8m (2011: £51.7m)
· Realised property profits up 22% to £29.0m (2011: £23.8m)
· Net rental income continues to grow to £36.2m (2011: £35.5m)
· 12% increase in net trading profit to £25.5m (2011: £22.8m)
· Gearing at year end of 71% (2011: 73%) and completion of a successful £80m retail bond issue providing substantial headroom in facilities
· Final dividend for the year increased by 10% to 2.42p per share, providing a total dividend for 2012 of 3.63p
Operational Highlights
· Valuation gains of £48m (2011: £33m) generated through active asset management and planning gains, offsetting £20m market driven valuation loss (2011: £1m profit)
· Continued positive outlook for residential land with London residential transactions driving valuation gains
· On track to deliver target of shareholder equity NAV of 300p per share by November 2015
· £2bn regeneration of New Covent Garden Market signed, providing a major opportunity in Central London and considerable potential to add further upside to targetted NAV
· Swansea University £150m development to commence on site in H1 2013