£m unless otherwise stated |
Year ended
30 June 2024 |
Year ended
30 June 2024 |
Change (%) |
Total completions1 (plots) |
14,004 |
17,206 |
(18.6%) |
Average selling price (£) |
306,800 |
319,600 |
(4.0%) |
Revenue |
4,168.2 |
5,321.4 |
(21.7%) |
Profit from operations |
174.7 |
707.4 |
(75.3%) |
Operating margin2 (%) |
4.2 |
13.3 |
100bps |
Adjusted profit from operations |
376.6 |
862.9 |
(56.4%) |
Adjusted operating margin (%) |
9.0 |
16.2 |
(380bps) |
Profit before tax |
170.5 |
705.1 |
(75.8%) |
Basic earnings per share (pence) |
11.8 |
53.2 |
(77.8%) |
Adjusted basic earnings per share (pence) |
28.3 |
67.3 |
(57.9%) |
Return on capital employed3 (%) |
9.5 |
22.2 |
(780bps) |
Net cash/(debt)4 |
868.5 |
1,069.4 |
(18.8%) |
Net assets |
5439.1 |
5,596.4 |
(2.8%) |
Net tangible assets |
4401.7 |
4,548.6 |
(3.2%) |
Net tangible assets per share (pence) |
451.6 |
466.7 |
(3.2%) |
1 Includes joint venture (‘JV’) completions in which the Group has an interest.
2 Operating margin is profit from operations divided by revenue
3 Return on capital employed (‘ROCE’) is calculated as earnings before interest, tax, operating charges relating to the defined benefit pension scheme and operating exceptional items, divided by average net assets adjusted for goodwill and intangibles, legacy property provisions, tax, cash, loans and borrowings, retirement benefit obligations and derivative financial instruments
4 Net cash is defined as cash and cash equivalents, less total borrowings being total drawn debt, plus prepaid fees