Pete Redfern, Chief Executive, commented:
"In 2016 we delivered an excellent performance set against an uncertain political and economic environment that stabilised in the final quarter. The outlook for 2017 is for ongoing stability and incremental price growth, which is a healthy backdrop for our business and our customers."
Good progress made towards all medium term targets for the period 2016-2018
Target total of £1.3 billion of dividends to be paid in cash to shareholders over the period
- £355.9 million paid in 2016 (2015: £308.4 million)
- c.£450 million declared for 2017 (subject to shareholder approval)
Target average annual return on net operating assets of 30%
- 30.7% in 2016 (2015: 27.1%)
Target average operating profit* margin of c.22%
- 20.8% in 2016 (2015: 20.3%)
2016 Group financials
Completed a total of 14,112 homes, including Spain, up 4.8% (2015: 13,470), excluding joint ventures
10.9% increase in UK total average selling price to £255k (2015: £230k), excluding joint ventures
