UK operational performance
Completed a total of 6,580 homes, excluding joint ventures, an increase of 9.3% (H1 2016: 6,019)
6.3% increase in total average selling price to £253k (H1 2016: £238k), excluding joint ventures
24.2% increase in pre-exceptional operating profit to £346.2 million (H1 2016: £278.8 million)
Strong order book representing 8,741 homes (3 July 2016: 8,683) with a total value of £2,111 million (3 July 2016: £2,156 million), excluding joint ventures, which has continued to grow to £2,224 million as at 23 July 2017 (2016 equivalent period: £2,237 million)
Short term landbank of 76,503 plots with 58% sourced from the strategic land pipeline
Provision of £130 million has been recorded as an exceptional item in the H1 2017 accounts as a result of the leasehold review.
Group profit before tax of £205.0 million (H1 2016: £268.8 million).
Returns to shareholders announced
Announce today a special dividend of £340 million (c.10.4p pence per share) to be paid in July 2018 (July 2017: £301 million and 9.20 pence per share). Confirm Ordinary Dividend Policy of approximately 5% of Group net assets and at least £150 million per annum through the cycle.
Target to return £1.3 billion in dividends over period 2016-18 will be successfully achieved.
Interim ordinary dividend of 2.3 pence per share (H1 2016: 0.53 pence per share) to be paid on 3 November 2017, bringing 2017 total dividends to c.£451 million or 13.8 pence per share.
Balance sheet remains strong with significant further growth in net cash to £429.0 million at 2 July 2017 (3 July 2016: £116.7 million).
