Financial Highlights

Financial metrics		Year ended 31 March 2017	Year ended 31 March 2016	% Growth
Revenue		£109.1m	£101.4m	8
Like-for-like revenue⁽¹⁾		£107.3m	£101.4m	6
Adjusted profit before tax⁽²⁾		£54.6m	£49.0m	11
Adjusted diluted EPRA earnings per share⁽³⁾		34.5p	31.1p	11
Dividend	– final	14.1p	12.8p	10
	– total	27.6p	24.9p	11
Free cash flow (after net finance costs and pre working capital)⁽⁵⁾		£58.3m	£53.3m	10
Store metrics
Occupancy growth⁽⁴⁾		188,000 sq ft	185,000 sq ft	2
Occupancy – like-for-like stores (%)^(1,4)		78.1%	75.3%	2.8 ppts
Average net achieved rent per sq ft⁽⁴⁾		£26.16	£25.73	2
Statutory metrics
Profit before tax		£99.8m	£112.2m	(11)
Cash flow from operating activities (after net finance costs)		£56.0m	£55.5m	1
Basic earnings per share		63.6p	71.9p	(12)

(1): Like-for-like metrics exclude Nine Elms and Twickenham 2 (acquired April 2016).
(2): See note 10.
(3): See note 12.
(4): See Portfolio Summary and Operating and Financial Review.
(5): See reconciliation in Financial Review.

Continued Growth

Like-for-like occupancy increased by 2.8 ppts to 78.1%
11% increase in adjusted earnings per share and total dividend
Free cash flow (after net finance costs and pre working capital movements5) up 10% to £58.3 million
Acquisition of four store Lock and Leave portfolio in April 2016 for £21 million
- –Nine Elms and Twickenham acquired by Big Yellow (combined MLA of 87,000 sq ft)
- –Canterbury and West Molesey acquired by Armadillo (combined MLA of 65,000 sq ft)
Acquisition by Armadillo of three stores from the Quickstore portfolio (Exeter, Plymouth and Torquay, combined MLA 92,000 sq ft) in April 2017
for £4.75 million
Acquisition in May 2017 of prime London site on the Highway in Wapping, just east of the City, for future redevelopment

THE MARKET LEADING BRAND, WITH THE LARGEST ONLINE MARKET SHARE.