2011 Annual Results

Our 2011 annual results have been announced and show continued strengthening of our financial position including pre-tax profit and net assets per share.

Key Performance Indicators

  2011 2010
Investment returns    
Net assets per share £0.56 £0.50
EPRA net assets per share £0.63 £0.57
Return on equity 11.9% 33.9%
Group net debt £47.2m £49.8m
Net debt to equity ration 24% 29%
See-through net debt to property value 64% 66%
Recurring pre-tax profit £16.4m £14.9m
Profit before tax £23.4m £46.4m
Basic earnings per share £0.06 £0.13
Property under management £2.5bn £2.8bn


Continued strengthening of financial position

  • Growth in net assets per share to £0.56, up 12% from the 2010 year end, and EPRA net assets per share to £0.63, up 11% from 2010 year end
  • Robust recurring pre-tax profit of £16.4 million, up 10% from 2010
  • Group share of cash distributions from funds and joint ventures of £15.7 million
  • Group net debt to equity ratio falling to 24% compared to 29% at 2010 year end
  • Sale of six properties in The Mall and The Junction for £370.0 million, at or above valuation
  • Acquisitions of The Waterside Shopping Centre in Lincoln and Schwäbisch Hall in Germany and the recycling of cash distributions to increase the Group's investment in The Mall Fund to 20.15% shortly after the year end

Impressive operational performance in challenging market conditions

  • Strong asset management delivering 101 new lettings and 57 lease renewals at, or above ERV across the UK funds
  • Strengthening UK fund occupancy of 96.8%, up 0.6% from the 2010 year end and
  • Uplift in The Mall footfall of 3.2% and outperformance of the national index by 3.7%
  • Continuing improvement in reducing our environmental impact with a 9% reduction in The Mall energy consumption and 7% reduction in carbon output across the Group
  • Positive momentum in delivering the asset management and development pipeline

Commenting on the results John Clare, Chairman said

"I am delighted to report an increase in net asset value of 12% to 56 pence per share and an increase of 10% in recurring pre-tax profits to £16.4 million. These results are all the more encouraging as they reflect the impact of asset management initiatives which have boosted income not only in the UK funds but also in the joint ventures."

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