Urban&Civic plc (LSE: UANC) announces its results for the year ended 30 September 2019
30 September 2019
|EPRA NAV (£m)||527.5||481.2|
|EPRA NAV per share (p)||360.3||331.8|
|EPRA NNNAV per share (p)||339.5||315.9|
|Profit before tax (£m)||16.3||22.3|
|Total shareholder return (%)||7.8||19.1|
|Dividend per share (p)||3.9||3.5|
- EPRA net asset value up 9.6 per cent at £527.5 million (30 September 2018: £481.2 million) contributing £24.6 million to the uplift.
- EPRA net assets 360.3p per share: up 8.6 per cent from 30 September 2018.
- EPRA triple net assets 339.5p per share; up 7.5 per cent.
- Profit before tax for the year to 30 September 2019 £16.3 million (£22.3 million to 30 September 2018).
- Large site discount down partly through realisations but still adds a further £197 million at 30 September 2019, equivalent to 135p per share (30 September 2018: 145p per share).
- 30 September 2019 EPRA net asset value + large site discount = 495p per share (up from September 2018 477p).
- Total shareholder return 7.8 per cent on a closing share price of 324p at 30 September 2019.
- Final dividend 2.5p per share; 11.4 per cent year on year increase to recognise continued strong performance.
- Urban&Civic has demonstrated unbroken five-year growth against generally flat land prices, building platform and brand recognition in the process.
- Debate over large site contribution in supply constrained South East is over; now about practicalities.
- Strategic projects being seen to deliver environmental and educational gains that infill sites never can.
- Recent MHCLG statistics show the land supply shortfall limited to South East and certain parts of the East of England (+ London). Squarely in keeping with the Company's 100 mile strategy and where Master Developer enjoys maximum leverage.
- Accepted necessity becoming superseded by recognition of the virtue of infrastructure led strategic development.
- Witness progress on Tyttenhanger.
- 2019 plot sales 5 per cent ahead of November 2018 forecast by number and 3 per cent by revenue, reflecting mix not prices.
- Minimum forward licence receipts on projects exceed £100 million for the first time.
- September planning granted at Waterbeach, 3 miles north of Cambridge with Ministry of Defence. 6,500 new homes and associated facilities constitutes the largest consent to date and in the most supply constrained location.
- Each strategic project consent has attracted Homes England finance: proposed £60.6 million 10 year loan at Waterbeach would represent largest to date.
- Following Waterbeach, the Group, including Catesby, has interests in 32,000 consented or allocated plots with an additional 19,000 pipeline in process.
Commenting on the results, Nigel Hugill, Chief Executive, said:
The debate over large sites is over. Urban&Civic is now consistently outperforming static land markets as Master Developer of new prime environments in which housebuilders want to build and homeowners want to live. Net assets per share were up approaching 9 per cent, marking five years of uninterrupted growth. The keys are location and stakeholder alignment. Government policies are providing enough land supply for new market homes across most of the country but not South East England, where the Company enjoys actual platform advantage. If we can only see a return to stable politics, the reasonable assumption is for the maturing profile of our projects and pipeline to enable further medium-term acceleration."
For further information, please contact:
Nigel Hugill/David Wood
+44 (0)20 7509 5555
Giles Barrie/Dido Laurimore/Ellie Sweeney
+44 (0)20 3727 1000
A presentation for analysts and investors will be held at 09.30 am today at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD.
If you would like to attend please contact Ellie Sweeney at FTI on +44 (0)20 3727 1000 or email@example.com. A live webcast of the presentation will be available via the following link http://webcasting.brrmedia.co.uk/broadcast/5d9489a1f8cc7162f3b011d3 and presentation slides will also be available to download.
Alternatively, details for the live dial-in facility are as follows:
Participants: Tel: +44 (0)330 336 9125