|
|
FY21 |
FY20(1) |
Change (%) |
|
|
|
|
|
|
Revenue |
£430.2m |
£354.1m |
+21.5% |
|
Gross profit |
£84.8m |
£75.9m |
+11.7% |
|
Operating profit |
£57.3m |
£31.2m |
+83.3% |
|
Underlying Operating profit |
£57.3m |
£51.7m |
+10.8% |
|
Profit before tax |
£51.1m |
£25.3m |
+101.9% |
|
Underlying Profit before tax |
£51.1m |
£45.8m |
+11.7% |
|
|
|
|
|
|
Basic earnings per share |
16.4p |
8.2p |
+98.5% |
|
Underlying Basic earnings per share |
16.4p |
14.7p |
+11.2% |
|
Dividend per share |
8.2p |
7.35p |
+11.6% |
|
Adjusted net cash(2) |
£124.3m |
£94.8m |
+31.1% |
- For FY20 Underlying Operating profit, Underlying Profit before tax and Underlying Basic earnings per share are calculated before the impact of exceptional charges of £20.5 million
- Adjusted net cash is stated after deducting interest bearing loans and borrowings, but before deducting IFRS 16 operating lease liabilities of £129.3 million at 30 September 2021 (30 September 2020: £134.5 million)
Key Highlights
- Revenue at £430.2 million, up 21.5%, reflecting increasing contribution from our BTR developments and a strengthening institutional investor forward sales market
- Operating profit at £57.3 million, up 10.8%, underpinned by strong operational delivery and tight cost control
- Strong cash generation and liquidity position; £124.3 million net cash as at 30 September 2021
- Full year dividend of 8.2p, up 11.6%; in line with policy of 2.0x cover
- Work on 13 current developments on track; overall build costs remain within forecasts
- 22,200 beds under Fresh management, up 10%
- Record residential for rent secured development pipeline at £1.8 billion, up 20%
- Continued progress on Affordable Homes
- ESG credentials successfully formalised with launch of ‘Future Foundations’ ESG programme
- Trading in the new financial year in line with expectations
The following link takes you to the full details Full year results for the year ended 30 September 2021