Financial Highlights
| Financial metrics | Six months ended 30 September 2018 |
Six months ended 30 September 2017 |
Growth |
|---|---|---|---|
| Revenue | £62.2 million | £58.1 million | 7% |
| Like-for-like Revenue(1) | £62.0 million | £58.1 million | 7% |
| Store EBITDA(1) | £42.5 million | £39.7 million | 7% |
| Adjusted profit before tax(1) | £33.3 million | £30.6 million | 9% |
| EPRA earnings per share(1) | 20.9 pence | 19.1 pence | 9% |
| Interim dividend per share | 16.7 pence | 15.3 pence | 9% |
| Statutory metrics | |||
| Profit before tax | £61.4 million | £78.7 million | (22%) |
| Cash flow from operating activities (after net finance costs) | £34.6 million | £29.9 million | 16% |
| Basic earnings per share | 38.8 pence | 50.0 pence | (22%) |
| Store metrics | |||
| Store Maximum Lettable Area (“MLA”)(1) | 4,656,000 | 4,576,000 | 1.7% |
| Closing occupancy (sq ft) (1) | 3,904,000 | 3,816,000 | 2.3% |
| Occupancy growth in the period (sq ft)(1) | 174,000 | 265,000 | (34%) |
| Closing occupancy(1) | 83.8% | 83.4% | 0.4 ppts |
| Occupancy - like-for-like stores(1) | 84.9% | 83.4% | 1.5 ppts |
| Average achieved net rent per sq ft(1) | £26.97 | £26.02 | 3.7% |
| Closing net rent per sq ft(1) | £27.20 | £26.29 | 3.5% |
1 see note 19 for glossary of terms
First Half Highlights
- Like-for-like revenue increased by 7% driven by growth in occupancy and rate
- Average achieved net rent per sq ft increased by 3.7% period on period
- Cash flow from operating activities (after net finance costs) increased by 16% to £34.6 million
- Adjusted profit before tax up 9% to £33.3 million
- 9% increase in interim dividend to 16.7 pence per share
- Acquisition of new development sites in Hove, Uxbridge and Queensbury taking pipeline to
11 development sites of approximately 680,000 sq ft (15% of current MLA) - Placing of 7.2 million shares raising £65.3 million (net of expenses) to fund development of
new stores