Results, reports and presentations
FY 2018 Results – Webcast
The company announced its results for the year ended 30 September 2018 on Wednesday 21 November 2018. A recorded webcast is available for which you will need to register or log in via the button below.
Latest quarter - FY18 Outlook
|FY 18||FY 171||Change|
|Adjusted operating profit3||£211.4m||£165.3m||+28%|
|Adjusted operating margin4||17.2%||16.1%||+110bps|
|Adjusted basic earnings per share5||36.0p||27.7p||+30%|
|Dividend per share||10.8p||8.4p||+29%|
|Return on capital employed6||37.1%||30.6%||+650bps|
|Reported operating profit||£149.3m||£128.9m||+16%|
|Basic earnings per share||33.1p||27.2p||+22%|
- Restated, see note 3. Accounting policies.
- Adjusted revenue includes the Group’s share of revenue from joint ventures and associate of £210.9m (2017: £183.0m).
- Adjusted operating profit includes the Group’s share of operating profit from joint ventures and associate of £46.4m (2017: £33.6m) and excludes non-underlying items of £15.7m (2017: £2.8m).
- Adjusted operating margin is defined as adjusted operating profit divided by adjusted revenue.
- 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.
- 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.
- Net debt is defined as bank borrowings less unrestricted cash. Unamortised debt arrangement fees are not included in net debt.
- Trading in the first half in line with expectations with good momentum into the second half
- Net reservation rate of 0.80 (2017: 0.84) from 60 sales outlets (2017: 47 sales outlets)
- Private Average Selling Price (“ASP”) of £402k (2017: £430k)
- Total forward order book of £899.7m (2017: £643.7m)
- Supply chain strengthened with investment in modular build
- Completions: 1,276 homes (2017: 1,197 homes), up 7%
- Adjusted operating profit: £109.6m (2017: £91.5m), up 8%
- Adjusted operating margin: 18.4% (2017: 16.6%), up 180bps
- Land bank: 19,778 plots (2017: 19,826 plots)
- Completions: 3,019 homes (2017: 2,192 homes), up 38%
- Adjusted operating profit: £110.6m (2017: £79.4m), up 39%
- Adjusted operating margin: 17.4% (2017: 16.7%), up 70bps
- Land bank plus preferred bidder: 29,878 plots (2017: 19,223 plots), up 55%
Net reservation rates for the first seven weeks of the year are in line with the same period last year and towards the top of our expected range. Our guidance for the medium term remains on track, including 10% to 15% completions growth. In 2019, we expect completions growth in excess of 30%, in part due to the acquisition of Westleigh. This growth will be largely PRS and affordable, reducing our exposure to private for sale homes to around 35% of total completions in the coming year. With our forward order book up 40% to £900m, we remain well positioned to deliver current year expectations.
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|Title||Capital Markets Event|
|Title||H1 2018 Results|
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|Title||Acquisition of Westleigh Group Ltd|
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|Title||FY 2017 Results|
|Title||FY 2017 Trading Statement|
|Title||Q3 2017 Trading Statement|
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|Title||HY 2017 Trading Statement|
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|Title||2016 Annual Report|
|Title||FY 2016 Results|
|Title||FY 2016 Trading Statement|
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|Title||Q3 2016 Trading Statement|
|Title||Presentation to Analysts|
|Title||HY 2016 Results|
|Title||HY 2016 Trading Statement|