We have delivered occupancy, cash flow and earnings growth for the seventh year in a row.

Consistency delivered

Highlights
Strong Operating Performance Delivers 15% Earnings Growth ⁽³⁾

Financial metrics		Year ended 31 March 2016	Year ended 31 March 2015	% Growth
Revenue		£101.4m	£84.3m	20
Like-for-like revenue ⁽¹⁾		£87.6m	£79.9m	10
Adjusted profit before tax ⁽²⁾		£49.0m	£39.4m	24
Adjusted diluted EPRA earnings per share ⁽³⁾		31.1p	27.1p	15
Dividend	– final	12.8p	11.3p	13
	– total	24.9p	21.7p	15
Cash flow from operating activities (after net finance costs)		£55.5m	£42.4m	31
Store metrics
Occupancy growth ⁽⁴⁾		185,000 sq ft	267,000 sq ft	(31)
Occupancy – like-for-like stores (%)⁽⁴⁾		76.7%	73.2%	3.5ppts
Average net achieved rent per sq ft⁽⁴⁾		£25.73	£25.10	3
Statutory metrics
Profit before tax		£112.2m	£105.2m	7
Basic earnings per share		71.9p	72.5p	(1)

(1): Like-for-like revenue excludes the 12 Partnership stores (acquired December 2014), Chester (acquired January 2015), Enfield (opened April 2015) and Cambridge (opened January 2016), and management fees earned from the Partnership in the prior year
(2): See Note 10.
(3): Adjusted earnings per share – Note 12.
(4): See Portfolio Summary and Operating and Financial Review.

Highlights

Strong revenue performance driving 15% increase in adjusted earnings per share and total dividend
Store platform expanded by 282,000 sq ft:
- –Two new freehold stores opened at Enfield and Cambridge
- –Acquisition of four store Lock and Leave portfolio in April 2016 for £21 million
  - –Nine Elms and Twickenham acquired by Big Yellow
  - –Canterbury and West Molesey acquired by Armadillo
Acquisition of prime London development sites in Kings Cross and Camberwell