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Group financial highlights

£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

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