Results, reports and presentations


HY 2019 Results – Webcast

The company announced its results for the six months ended 31 March 2019 on Thursday 16 May 2018.  There was a webcast on the morning which is available for viewing, please register or log in via the button below.


HY19 Outlook

“We have delivered excellent growth in the first six months of the year and have continued positive momentum into the second half. We see strong demand for our high quality homes and have underpinned margins with operational efficiency and the opening of our modular panel factory. We remain confident of delivering full year and medium-term expectations.”

Key financials


HY 2019

HY 20181






Adjusted revenue2




Adjusted operating profit3




Adjusted operating margin4




Adjusted basic earnings per share5




Dividend per share




Return on capital employed6




Group total forward order book








Reported revenue




Reported operating profit




Net (debt)/cash7




Basic earnings per share




1 Restated, see Note 3. Accounting policies.
2 Adjusted revenue includes the Group’s share of revenue from joint ventures and associate of £56.7m (HY 2018: £69.2m).
3 Adjusted operating profit includes the Group’s share of operating profit from joint ventures and associate of £17.7m (HY 2018: £15.1m) and excludes non-underlying items of £11.5m (HY 2018: £2.0m). Refer to Note 7.
4   Adjusted operating margin is defined as adjusted operating profit divided by adjusted revenue.
5   Adjusted basic earnings per share is defined as adjusted profit attributable to ordinary shareholders, net of attributable taxation, divided by the weighted average number of shares in issue for the period.
6   Return on capital employed (“ROCE”) is defined as adjusted operating profit for the last 12 months divided by the average of opening and closing tangible net operating asset value (“TNOAV”) for the 12-month period. TNOAV is calculated as net assets excluding net cash or debt less intangible assets net of deferred tax.
7   Net debt is defined as bank borrowings less unrestricted cash. Unamortised debt arrangement fees are not included in net debt.


  • Strong current trading and on track to deliver volume and margin expectations for the full year

  • Increased dividend payout ratio to 40% of adjusted earnings from continued cash generation

  • As expected, adjusted operating margin lower due to the change in geographic and tenure mix following the Westleigh acquisition

  • 140 active sites (HY 2018: 94) including 60 sales outlets (HY 2018: 52 sales outlets)

  • Net reservation rate at top end of target range at 0.86 (HY 2018: 0.87)

  • Private Average Selling Price (“ASP”) of £377k (HY 2018: £392k)

  • 12,126 additional plots secured during the first half

  • Non-underlying items include a non-cash impairment of inventory of £7.4m

Following a strong second quarter, with a net private reservation rate at the top of our target range, we remain well placed to deliver on full year expectations. As expected, completions will be second half weighted but are underpinned by a strong forward order book and further outlet openings in the second half. Our geographic expansion following the integration of Westleigh provides us with a strong platform for future growth. Additionally, we continue to see attractive new business opportunities in both divisions to support our medium-term strategy.

Latest sustainability report

Reports and presentations

Date 25th July
Title Q3 2019 Trading Update
Report 0.1MB
Date 26th June
Title Capital Markets Event
Presentation 6.3MBMB
Date 16th May
Title HY 2019 Results
Report 0.7MB
Presentation 10.3MBMB
Webcast visit
Date 17th April
Title HY 2019 trading statement
Report 0.1MB
Date 24th January
Title Q1 2019 Trading Statement
Report 0.1MB
Webcast visit
Date 7th December
Title 2018 Annual Report
Report 10.3MB
Date 21st November
Title FY18 Results
Report 1.1MB
Presentation 5.0MBMB
Webcast visit
Date 11th October
Title FY18 Pre-close Trading Statement
Report 0.3MB
Webcast visit
Date 26th July
Title Q3 18 Trading Statement
Report 0.2MB
Date 27th June
Title Capital Markets Event
Presentation 5.2MBMB
Date 17th May
Title H1 2018 Results
Report 0.6MB
Presentation 3.1MBMB
Webcast visit
Date 18th April
Title HY 2018 Trading Statement
Report 0.3MB
Date 12th April
Title Acquisition of Westleigh Group Ltd
Report 0.1MB
Presentation 1.6MBMB
Date 25th January
Title Q1 2018 Trading Statement
Report 0.2MB
Date 15th December
Title 2017 Annual Report
Report 7.3MB
Date 22nd November
Title FY 2017 Results
Report 0.2MB
Presentation 3.1MBMB
Webcast visit
Date 11th October
Title FY 2017 Trading Statement
Report 0.2MB
Date 27th July
Title Q3 2017 Trading Statement
Report 0.2MB
Date 17th May
Title HY 2017 Results
Report 0.6MB
Presentation 2.5MBMB
Webcast visit
Date 12th April
Title HY 2017 Trading Statement
Report 0.2MB
Date 26th January
Title Q1 2017 Trading Statement
Report 0.2MB
Date 16th December
Title 2016 Annual Report
Report 4.8MB
Date 29th November
Title FY 2016 Results
Report 1.3MB
Presentation 2.8MBMB
Webcast visit
Date 12th October
Title FY 2016 Trading Statement
Report 0.2MB
Date 23rd September
Title FRS102 Disclosure Exemption
Report 0.1MB
Date 28th July
Title Q3 2016 Trading Statement
Report 0.2MB
Date 10th June
Title Presentation to Analysts
Presentation 2.7MBMB
Date 18th May
Title HY 2016 Results
Report 0.7MB
Presentation 1.6MBMB
Webcast visit
Date 13th April
Title HY 2016 Trading Statement
Report 0.1MB
Date 1st February
Title Prospectus
Report 5.1MB
Date 19th November
Title FY 2015 Results
Report 0.6MB

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