Key financials for shareholders and stakeholders.
/// Reports and Accounts
/// Announcements
/// Progress Indicators
Progress will be measured mainly through financial results, and the Board considers the business successful if it can increase shareholder return and asset value in the long-term, whilst keeping acceptable levels of risk by ensuring gearing covenants are well maintained.
2025
2024
2023
2022
2021
Gross profit margin
(gross profit/ turnover)
57%
55%
54%
57%
65%
Loan to value*
35%
38%
39%
39%
36%
Interest cover*
(actual)
362%
299%
317%
297%
281%
Finance cost rate
(finance costs excluding lease portion/ average borrowings for the year)
5.3%
5.8%
6.7%
7.0%
7.5%
Yield
(rents investment properties/ average market value investment properties)
8.6%
8.4%
8.4%
8.2%
7.9%
Net assets value per share
672p
669p
640p
637p
553p
Earnings per share – continuing
24.5p
38.4p
25.3p
96.6p
76.4p
Dividend per share**
22.0p
12.0p
22.0p
12.0p
12.0p
Investment property acquisitions
£0.3M
£0.3M
£3.4M
£8.9M
£0.8M
Investment property disposal proceeds
£4.8M
£4.5M
£1.0M
£1.2M
£15.8M
Gross profit margin
(gross profit/ turnover)
2025
57%
2024
55%
2023
54%
2022
57%
2021
65%
Loan to value*
2025
35%
2024
38%
2023
39%
2022
39%
2021
36%
Interest cover*
(actual)
2025
362%
2024
299%
2023
317%
2022
297%
2021
281%
Finance cost rate
(finance costs excluding lease portion/ average borrowings for the year)
2025
5.3%
2024
5.8%
2023
6.7%
2022
7.0%
2021
7.5%
Yield
(rents investment properties/ average market value investment properties)
2025
8.6%
2024
8.4%
2023
8.4%
2022
8.2%
2021
7.9%
Net assets value per share
2025
672p
2024
669p
2023
640p
2022
637p
2021
553p
Earnings per share – continuing
2025
24.5p
2024
38.4p
2023
25.3p
2022
96.6p
2021
76.4p
Dividend per share**
2025
22.0p
2024
12.0p
2023
22.0p
2022
12.0p
2021
12.0p
Investment property acquisitions
2025
£0.3M
2024
£0.3M
2023
£3.4M
2022
£8.9M
2021
£0.8M
Investment property disposal proceeds
2025
£4.8M
2024
£4.5M
2023
£1.0M
2022
£1.2M
2021
£15.8M
* As reported to the Lenders – based on charged property rents, borrowed funds and bank valuations as appropriate. There was
a change of basis in 2024 following the refinance.
** Based on those declared for the year.
