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Urban&Civic plc announces results for the year to 30 September 2016

— 02.12.16

Urban&Civic plc (LSE: UANC) announces its results for the 12 months to 30 September 2016.

30 September 2016

30 September 2015

Profit before tax (£m)

25.9

7.0

EPRA NAV (£m)

409.8

389.9

EPRA NAV per share (p)

284.2

270.4

Dividend per share (p)

2.9

2.65

Financial highlights

  • Profit before tax for the 12 months to September 2016 £25.9 million (30 September 2015: £7.0 million)
  • EPRA net assets £409.8 million at September 2016 from £389.9 million at September 2015
  • EPRA net assets per share up 5.1 per cent to 284.2p from 270.4p at September 2015
  • Majority of asset and earnings growth attributed to H2 spanning the EU Referendum vote
  • 73 per cent of Group balance sheet now in consented residential plots
  • £5.5 million of Scottish land write downs out of a total £7.5 million property impairments
  • Net gearing of 9.2 per cent at 30 September 2016; nil following post year end receipt of sales proceeds
  • Final dividend for the year of 1.8p per share, providing a full year dividend of 2.9p up approximately 10 per cent

Project highlights

  • 981 serviced plots across five separate parcels contracted at Alconbury and Rugby over the past 12 months, including two majors: Redrow and Crest Nicholson
  • Strong start to Hopkins Homes JV at Alconbury: 19 exchanged or completed and 19 further reservations from launch in April 2016; unaffected by Brexit
  • Book valuation of unserviced plots at 30 September 2016 was £24,500 at Alconbury, £15,000 at Rugby and £7,900 at Newark
  • Good trading performance delivering gross profits of £7.1m and £5.6m from Herne Bay and Bridge Quay sales respectively
  • Catesby record pipeline of 9,500 new homes; 760 consents secured in year and 890 subsequent

Commenting on these results, Nigel Hugill, the Chief Executive of Urban&Civic, said:

"Urban&Civic was established as a counter cyclical stock with the specific aim of creating great environments and outstanding schools in affordable, well connected areas. Demand is underpinned by local economies and relative housing costs. More than 3 per cent of London’s population are currently leaving each year. Most stay within 100 miles. We are old enough to know that circumstances shoot down the cavalier but with assets up, profits up and a conservative balance sheet we can look to maintained outperformance.”

To read the results in full please see this RNS announcement.

For further information, please contact us.