Balance sheet
|
2021 |
2022 |
2023 |
2024 |
2025 |
|
| Property portfolio | 1,894.5 | 2,144.4 | 1,922.2 | 1,929.2 | 2,455.5 |
| Joint ventures | 626.4 | 582.8 | 538.8 | 491.3 | 507.2 |
| Trading property | – | - | - | - | - |
| Loans and borrowings | (488.6) | (531.2) | (458.5) | (740.4) | (848.0) |
| Other net (liabilities)/assets | (60.7) | (83.1) | (83.9) | (97.1) | (114.0) |
| Net assets | 1,971.6 | 2,112.9 | 1,918.6 | 1,583.0 | 2,000.7 |
| Financed by | |||||
| Issued share capital | 38.7 | 38.7 | 38.7 | 38.7 | 62 |
| Reserves | 1,932.9 | 2,074.2 | 1,879.9 | 1,544.3 | 1,938.7 |
| Total equity | 1,971.6 | 2,112.9 | 1,918.6 |
1,583.0 |
2,000.7 |
| Net assets per share | 779p | 835p | 757p | 521p | 496p |
| Net assets per share - EPRA* | 779p | 835p | 757p | 520p | 494p |
Income statement
|
2021 |
2022 |
2023 |
2024 |
2025 |
|
| Revenue | 88.5 | 84.2 | 91.2 | 95.4 | 94.2 |
| Cost of sales | (24.7) | (30.1) | (32.2) | (33.3) | (35.1) |
| 63.8 | 54.1 | 59 | 62.1 | 59.1 | |
| Administration expenses | (25.2) | (35.0) | (38.3) | (42.3) | (40.0) |
| Estimated credit loss | (7.7) | (4.1) | (0.8) | (0.1) | (0.2) |
| Development management losses | (0.1) | (0.4) | (0.1) | - | - |
| Operating profit before deficit from property and results of joint ventures | 30.8 | 14.6 | 19.8 | 19.7 | 19.5 |
| (Deficit)/surplus on investment property | (156.8) | 107.9 | (145.0) | (267.3) | 83.2 |
| Surplus on revaluation of investments | - | - | 0.1 | (0.2) | (0.4) |
| Share of results of joint ventures | (76.2) | 45.9 | (33.4) | (46.7) | 21.8 |
| Operating (loss)/profit | (202.2) | 168.4 | (158.5) | (294.5) | 124.1 |
| Finance income | 8.0 | 7.4 | 6.0 | 6.1 | 7.2 |
| Finance costs | (7.8) | (9.1) | (11.5) | (17.1) | (13.1) |
| Fair value movement on convertible bond | – | - | - | (1.7) | (0.4) |
| (Loss)/profit before tax | (202.0) | 166.7 | (164.0) | (307.8) | 117.8 |
| Tax | 0.1 | 0.5 | 0.1 | - | (1.8) |
| (Loss)/profit for the year | (201.9) | 167.2 | (163.9) | (307.8) | 116.0 |
| (Loss)/earnings per share - basic | (79.8)p | 66.1p | (64.8)p | (121.7)p | 30.2p |
| (Loss)/earnings per share - diluted | (79.8)p | 66.0p | (64.8)p | (121.7)p | 30.1p |
| EPRA earnings per share - diluted | 15.8p | 10.8p | 9.5p | 7.1p | 5.2p |
| Dividend (£m) | 31.8 | 31.9 | 31.9 | 31.9 | 31.8 |