We keep it simple for investors. Our results show we Provide sustainable earnings and dividend growth from a solid capital structure.

Our momentum
keeps building

Financial Highlights

Financial metrics		Year ended 31 March 2018	Year ended 31 March 2017	Growth
Revenue		£116.7m	£109.1m	7%
Like-for-like revenue⁽¹⁾		£114.7m	£107.3m	7%
Store EBITDA⁽¹⁾		£79.5m	£73.5m	8%
Adjusted profit before tax⁽¹⁾		£61.4m	£54.6m	12%
EPRA earnings per share⁽¹⁾		38.5p	34.5p	12%
Dividend	– final	15.5p	14.1p	10%
	– total	30.8p	27.6p	12%
Statutory metrics
Profit before tax		£134.1m	£99.8m	34%
Cash flow from operating activities (after net finance costs)		£63.0m	£56.0m	13%
Basic earnings per share		85.0p	63.6p	34%
Store metrics
Occupancy growth⁽¹⁾		179,000 sq ft	112,000 sq ft	67,000 sq ft
Closing occupancy⁽¹⁾		81.0%	78.0%	3.0 ppts
Occupancy – like-for-like stores⁽¹⁾		81.9%	78.0%	3.9 ppts
Average net achieved rent per sq ft⁽¹⁾		£26.37	£26.16	0.8%
Closing net rent per sq ft⁽¹⁾		£26.74	£26.03	2.7%