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.

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Latest quarter - FY19 Outlook

“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.”

Key financials

  FY 18 FY 171 Change
Completions 4,295 3,389 +27%
Adjusted revenue2 £1,299.5m £1028.8m +20%
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 revenue £1,018.6m £845.8m +20%
Reported operating profit £149.3m £128.9m +16%
Net cash/(debt)7 £45.0m £77.4m -£32.4m
Basic earnings per share 33.1p 27.2p +22%
  1. Restated, see note 3. Accounting policies.
  2. Adjusted revenue includes the Group’s share of revenue from joint ventures and associate of £210.9m (2017: £183.0m).
  3. 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).
  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.

Highlights

  • 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.

Latest sustainability report

Reports and presentations

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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