Urban&Civic announces results for the year to 30 September 2018
Urban&Civic plc (LSE: UANC) announces its results for the 12 months to 30 September 2018.
|30 September 2018||30 September 2017|
|EPRA NAV (£m)||481.2||439.3|
|EPRA NAV per share (p)||331.8||304.4|
|Profit before tax (£m)||22.3||7.9|
|Dividend per share (p)||3.5||3.2|
|Contracted and unrealised plots||2,588||1,346|
- EPRA net assets £481.2 million at September 2018, up from £439.3 million at September 2017.
- EPRA net assets per share 9.0 per cent higher at 331.8p (304.4p at September 2017).
- Profit before tax up for 12 months to September 2018 at £22.3 million (September 2017: £7.9 million), sales of the bulk of the remaining commercial assets lifting pre-tax profits above trend.
- 85 per cent of Group property assets in strategic projects (September 2017: 69 per cent).
- Large site discount represented a further £210 million at 30 September 2018, equivalent to 145p per share (September 2017: £99 million, equivalent to 68p per share). Discount reflects store of future value and is proxy for increasing business resilience.
- 30 September 2018 EPRA NAV + large site discount = 476.8p per share, an exceptional year-on-year increase of 28 per cent (30 September 2017: EPRA NAV per share + large site discount = 372.4p per share).
- Net gearing at 30 September 2018 of 16.3 per cent (September 2017: 18.6 per cent), despite £60 million+ of new infrastructure investment. Conservative gearing policy to maintain, supported by long term Homes England facilities
- Final dividend for the year of 2.2p per share, providing a full year dividend of 3.5p. 9.4 per cent increase in line with stated policy to recognise continuing progress.
Project highlights and post year-end events
- Urban&Civic Master Developer model definitively working for housebuilders, community stakeholders and landowners. Approved applications, licensed plot sales and number of new projects all up.
- Group portfolio now exceeds 50,000 residential plots, either consented or being progressed.
- Three new project acquisitions: Priors Hall, Northamptonshire; Manydown in Basingstoke, Hampshire; Calvert in Buckinghamshire. Good locations, not in multiple ownership and playing to Urban&Civic strengths.
- Good Catesby contribution through realised sales and new allocations. Changed emphasis towards plan led applications.
- 445 completions for the year to 30 September 2018, compared with November 2017 guidance of 315. September especially strong and included brought forward sales. Future realisations guidance repeated, despite current uncertainties.
- Increased large site discount reflects 2,800 new consented units at Wintringham, Cambridgeshire and the acquisition of Priors Hall in development. Discount will increase with each successive strategic consent.
- Intention to apply for Premium Listing in January 2019.
Commenting on these results, Nigel Hugill, the Chief Executive of Urban&Civic, said:
“Good results and marked progress with three major project additions to take the total to eight. Urban&Civic has early mover advantage on strategic sites and is establishing a brand that works for housebuilders, community stakeholders and landowners alike. EPRA NAV growth up 9 per cent, appreciably faster than last year, and more than 1,700 plot sales both speak to that advantage. It would be plain naive to be complacent at present but our Master Developer model with 4.5 years forward sales on contracted plots and ten year Homes England backing affords unusual resilience. The revisions to national planning policy were anticipated and are expected to prove to our advantage."
Urban&Civic plc +44 (0) 20 7509 5555
Nigel Hugil/David Wood
JP Morgan Cazenove +44 (0)20 7742 4000
Stifel +44 (0)20 7710 7600
FTI Consulting +44 (0)20 3727 1000
Giles Barrie/ Dido Laurimore/ Ellie Sweeney
A presentation for analysts and investors will be held at 09.00am at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. If you would like to attend please contact Alex King +44 (0)20 3727 1000 or firstname.lastname@example.org.
Alternatively, details for the live dial-in facility are as follows:
Participants: Tel: +44 (0)330 336 9105
To read the results in full please see this RNS announcement.
For further information, please contact us.