Financial performance
Gross net asset value (NAV) per share of 293p, up 2p since September 2014 (291p) despite the impact of non-recurring items and legacy swap break costs (totalling 9p) and up 21p (7.7%) year-on-year (March 2014: 272p);
NNNAV per share of 240p, 2p lower than September 2014 (242p) having been impacted by 7p from non-recurring items and negative movements on derivatives, although up 12p or 5.3% year-on-year (March 2014: 228p);
Recurring profit before tax of £26.2m (March 2014: £23.1m) with a strong performance from vacant sales and contribution from Development (Macaulay Walk) more than offsetting the reduction relating to investment sales;
Gross cash generated of £128m (March 2014: £167m);
Loan to value of 46.0% (September 2014: 46.5%);
Net debt of £1,042m (September 2014: £1,044m);
Profit before tax of £9.1m (March 2014: £49.8m); impacted by one-off costs associated with the impairment of the receivables due from ERIL (£18.2m), lower valuation gains (£12.7m reduction to £11.5m, March 2014: £24.2m), and a £13.9m negative movement on derivatives (March 2015: £(9.0)m; March 2014: £4.9m);
Reversionary surplus of £500m2, which is supplementary to our reported net assets, equivalent to 120p per share at 31 March 2015 (September 2014: £527m, 127p).
Robust income streams - sales, rents, fees
Strong sales performance with profit from sales up to £45.1m (March 2014: £42.8m);
Net rents of £19.0m (March 2014: £19.5m);
Gross fee income of £4.2m (March 2014: £5.1m);
Encouraging sales pipeline3 of £151m at 8 May 2015, up from £131m at 31 March 2015.
Dividend
Interim dividend increased by 5% to 0.64p per ordinary share (March 2014: 0.61p).
