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Operating profit




Underlying Operating profit




Profit before tax




Underlying Profit before tax








Basic earnings per share




Underlying Basic earnings per share




Dividend per share




Adjusted net cash(2)




  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
  2. 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