Our investment case emphasises our ability to weather economic uncertainties while continuing to deliver value to investors and stakeholders, focusing on adaptability, resilience and long-term sustainability of the business model.

Resilient fundamentals for the UK housing market

  • Despite economic challenges, the UK housing market benefits from a growing population and a persistently limited housing supply
  • The complex planning system, while challenging, favours experienced housebuilders with a broad range of capabilities and deep knowledge of the local market
  • The lending environment remains functional and the supply of mortgages remains stable and available, albeit at a higher interest rate.

Adaptive land portfolio

  • We maintain a high quality land portfolio, primarily concentrated in Southern England, with new developments strategically added in regions that are well placed to capture growth when the market improves
  • Our extensive strategic land portfolio, primarily held under option, represents an efficient use of capital, allowing for flexibility in land development decisions
  • Our financial position with a five-year land bank enables the Group to stay selective in acquiring land in a tightened market.

Brand synonymous to quality and placemaking

  • Established brand name with strong heritage associated with quality and customer experience
  • Reputation for placemaking and creating attractive, vibrant communities can be leveraged to navigate market challenges
  • The Group can extend its reputation and offer more customers the chance to own a home across a wider range of regions in the UK.

Diversified income streams to counter cyclicality

  • The Multi Channel Approach offers resilience by diversifying income sources and capital streams to withstand market fluctuations
  • In the face of challenges, the PRS provides dependable yields and stability within our diversified income streams
  • The dedicated PSL division maintains strong relationships with Registered Providers and PRS partners, providing additional stability in uncertain market conditions.

Commitment to sustainability

  • We remain committed to our sustainability goals, including reaching net-zero emissions by 2045
  • In a challenging market, the emphasis on reducing greenhouse gas emissions, waste and natural resource consumption remains crucial to both cost efficiency and environmental responsibility
  • We make a positive impact in our communities, providing attractive, high quality new homes and investing in infrastructure that delivers lasting benefits to the local area.

Robust balance sheet and margin recovery plan

  • Our balance sheet, with a year end net cash position of £64.9m and a renewed £250m revolving credit facility, provides financial stability
  • We maintain a disciplined and selective approach to land acquisition and capital allocation
  • The sustainable dividend cover on two and a half times is evidence of a well considered financial strategy that can withstand adverse economic conditions.