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"We have resilient and diversified income streams by having more than one route to market."

Peter Truscott
Chief Executive

STRONG FUNDAMENTALS FOR UK HOUSING MARKET

  • Market demand underpinned by growing population and limited housing supply
  • Structural shift post COVID-19 with strong demand for homes outside of major cities
  • COVID-19 initiated changes to agile working with customers contemplating a future of less commuting and more home working
  • Government continues to play an important role in supporting house buyers e.g. Help to Buy, the second phase of which has been extended to 2023
  • The lending environment continues to be supportive with long-term low interest rates and good mortgage product availability.

ATTRACTIVE LAND PORTFOLIO

  • Extensive and desirable land portfolio with developments that are primarily concentrated in Southern England and the commuter belt to major towns and cities, especially London
  • Limited exposure to inner city developments
  • Reputation for placemaking enables us to secure sites in desirable locations.

BRAND SYNONYMOUS WITH QUALITY AND GREAT PLACEMAKING

  • Established brand name with strong heritage associated with quality
  • Strong reputation for placemaking and for creating attractive, sustainable communities
  • Underpinned by a five-star customer rating.

MULTI CHANNEL APPROACH - DIVERSIFIED INCOME STREAM

  • Providing resilience and diversified income streams by having more than one route to market
  • Private Rented Sector (PRS) is a well-capitalised, growing asset class providing dependable yields
  • Dedicated partnership team with clear vision and strong relationships with Registered Providers (RPs) and PRS partners.

COMMITMENT TO BALANCING STRATEGIC OBJECTIVES WITH RESPONSIBILITIES TO THE ENVIRONMENT AND WIDER SOCIETY

  • Sustainability Committee, chaired by Chief Executive, now oversees all Environmental, Social and Governance (ESG) matters
  • Clear targets to reduce our carbon emissions (scope 1 and 2) intensity by 25%, waste intensity by 15% and to purchase 100% renewable electricity by 2025
  • Listed in the FTSE4Good and the Carbon Disclosure Project indices.

ROBUST BALANCE SHEET WITH SIGNIFICANT OPPORTUNITIES TO RE-BUILD MARGINS

  • Strong balance sheet with year end net cash position of £142.2m and £250m revolving credit facility fully undrawn
  • Continued focus on work-in-progress and enhancing cash flow generation
  • Dividend reinstated on two and a half times cover basis from HY21.