| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Private sales | 3,103.5 | 3,886.1 |
Partnership housing | 395.6 | 476.4 |
Land & other | 15.4 | 57.4 |
3,514.5 | 4,419.9 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Recognised at a point in time | 3,101.7 | 3,983.1 |
Recognised over time | 412.8 | 436.8 |
3,514.5 | 4,419.9 |
2023 | 2022 | |||||
| UK | Spain | Total | UK | Spain | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Revenue | ||||||
External sales | 3,371.7 | 142.8 | 3,514.5 | 4,295.5 | 124.4 | 4,419.9 |
| Result | ||||||
Profit before joint ventures, finance income/(costs) and exceptional items | 432.5 | 35.3 | 467.8 | 874.9 | 32.6 | 907.5 |
| Share of results of joint | ||||||
ventures | 2.4 | \u2013 | 2.4 | 15.9 | \u2013 | 15.9 |
Operating profit (Note 32) | 434.9 | 35.3 | 470.2 | 890.8 | 32.6 | 923.4 |
Exceptional items (Note 6) | \u2013 | \u2013 | \u2013 | (80.0) | \u2013 | (80.0) |
| Profit before net finance | ||||||
income/(costs) | 434.9 | 35.3 | 470.2 | 810.8 | 32.6 | 843.4 |
Net finance income/(costs) | 3.6 | (15.5) | ||||
Profit before taxation | 473.8 | 827.9 | ||||
Taxation charge | (124.8) | (184.3) | ||||
Profit for the year | 349.0 | 643.6 |
2023 | 2022 | |||||
| UK | Spain | Total | UK | Spain | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Assets and liabilities | ||||||
Segment operating assets | 5,153.2 | 241.6 | 5,394.8 | 5,222.9 | 207.9 | 5,430.8 |
Joint ventures | 70.5 | \u2013 | 70.5 | 74.0 | \u2013 | 74.0 |
Segment operating liabilities | (1,494.0) | (147.6) | (1,641.6) | (1,767.2) | (118.1) | (1,885.3) |
Net operating assets | 3,729.7 | 94.0 | 3,823.7 | 3,529.7 | 89.8 | 3,619.5 |
Net current taxation | (1.6) | (7.2) | ||||
Net deferred taxation (Note 14) | 23.4 | 26.0 | ||||
Net cash (Note 27) | 677.9 | 863.8 | ||||
Net assets | 4,523.4 | 4,502.1 |
2023 | 2022 | |||||
| UK | Spain | Total | UK | Spain | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Other information | ||||||
Property, plant and equipment additions | 6.6 | 0.2 | 6.8 | 1.6 | 0.1 | 1.7 |
Right-of-use asset additions | 20.7 | 0.4 | 21.1 | 7.1 | 0.1 | 7.2 |
Software additions | 0.1 | \u2013 | 0.1 | 0.4 | \u2013 | 0.4 |
Property, plant and equipment depreciation | (1.7) | (0.1) | (1.8) | (4.2) | (0.1) | (4.3) |
Right-of-use asset depreciation | (8.9) | (0.3) | (9.2) | (7.2) | (0.2) | (7.4) |
Amortisation of intangible assets | (1.7) | \u2013 | (1.7) | (2.8) | \u2013 | (2.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Administration expenses | 232.7 | 220.7 |
Other expenses | 101.7 | 70.1 |
Other income | (85.7) | (65.9) |
Exceptional items | \u2013 | 80.0 |
Net operating expenses | 248.7 | 304.9 |
| 2023 | 2022 | |
| Exceptional items: | \u00a3m | \u00a3m |
Provision in relation to cladding fire safety | \u2013 | 80.0 |
Exceptional items | \u2013 | 80.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense in cost of sales | 2,646.8 | 3,155.7 |
Property, plant and equipment depreciation (Note 12) | 1.8 | 4.3 |
Right-of-use asset depreciation (Note 19) | 9.2 | 7.4 |
Amortisation of intangible assets (Note 11) | 1.7 | 2.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Fees payable for the audit of the Company\u2019s annual accounts | ||
and consolidated financial statements | 0.2 | 0.2 |
Fees payable to the Company\u2019s auditors and its associates for other services to the Group: | ||
The audit of the Company\u2019s subsidiaries pursuant to legislation | 0.9 | 0.8 |
Total audit fees | 1.1 | 1.0 |
Other assurance services | 0.1 | 0.1 |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 1.2 | 1.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Administration expenses | 232.7 | 220.7 |
Other expenses | 101.7 | 70.1 |
Other income | (85.7) | (65.9) |
Exceptional items | \u2013 | 80.0 |
Net operating expenses | 248.7 | 304.9 |
| 2023 | 2022 | |
| Exceptional items: | \u00a3m | \u00a3m |
Provision in relation to cladding fire safety | \u2013 | 80.0 |
Exceptional items | \u2013 | 80.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense in cost of sales | 2,646.8 | 3,155.7 |
Property, plant and equipment depreciation (Note 12) | 1.8 | 4.3 |
Right-of-use asset depreciation (Note 19) | 9.2 | 7.4 |
Amortisation of intangible assets (Note 11) | 1.7 | 2.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Fees payable for the audit of the Company\u2019s annual accounts | ||
and consolidated financial statements | 0.2 | 0.2 |
Fees payable to the Company\u2019s auditors and its associates for other services to the Group: | ||
The audit of the Company\u2019s subsidiaries pursuant to legislation | 0.9 | 0.8 |
Total audit fees | 1.1 | 1.0 |
Other assurance services | 0.1 | 0.1 |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 1.2 | 1.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Administration expenses | 232.7 | 220.7 |
Other expenses | 101.7 | 70.1 |
Other income | (85.7) | (65.9) |
Exceptional items | \u2013 | 80.0 |
Net operating expenses | 248.7 | 304.9 |
| 2023 | 2022 | |
| Exceptional items: | \u00a3m | \u00a3m |
Provision in relation to cladding fire safety | \u2013 | 80.0 |
Exceptional items | \u2013 | 80.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense in cost of sales | 2,646.8 | 3,155.7 |
Property, plant and equipment depreciation (Note 12) | 1.8 | 4.3 |
Right-of-use asset depreciation (Note 19) | 9.2 | 7.4 |
Amortisation of intangible assets (Note 11) | 1.7 | 2.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Fees payable for the audit of the Company\u2019s annual accounts | ||
and consolidated financial statements | 0.2 | 0.2 |
Fees payable to the Company\u2019s auditors and its associates for other services to the Group: | ||
The audit of the Company\u2019s subsidiaries pursuant to legislation | 0.9 | 0.8 |
Total audit fees | 1.1 | 1.0 |
Other assurance services | 0.1 | 0.1 |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 1.2 | 1.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Administration expenses | 232.7 | 220.7 |
Other expenses | 101.7 | 70.1 |
Other income | (85.7) | (65.9) |
Exceptional items | \u2013 | 80.0 |
Net operating expenses | 248.7 | 304.9 |
| 2023 | 2022 | |
| Exceptional items: | \u00a3m | \u00a3m |
Provision in relation to cladding fire safety | \u2013 | 80.0 |
Exceptional items | \u2013 | 80.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense in cost of sales | 2,646.8 | 3,155.7 |
Property, plant and equipment depreciation (Note 12) | 1.8 | 4.3 |
Right-of-use asset depreciation (Note 19) | 9.2 | 7.4 |
Amortisation of intangible assets (Note 11) | 1.7 | 2.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Fees payable for the audit of the Company\u2019s annual accounts | ||
and consolidated financial statements | 0.2 | 0.2 |
Fees payable to the Company\u2019s auditors and its associates for other services to the Group: | ||
The audit of the Company\u2019s subsidiaries pursuant to legislation | 0.9 | 0.8 |
Total audit fees | 1.1 | 1.0 |
Other assurance services | 0.1 | 0.1 |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 1.2 | 1.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Fees payable for the audit of the Company\u2019s annual accounts | ||
and consolidated financial statements | 0.2 | 0.2 |
Fees payable to the Company\u2019s auditors and its associates for other services to the Group: | ||
The audit of the Company\u2019s subsidiaries pursuant to legislation | 0.9 | 0.8 |
Total audit fees | 1.1 | 1.0 |
Other assurance services | 0.1 | 0.1 |
Total non-audit fees | 0.1 | 0.1 |
Total fees | 1.2 | 1.1 |
| 2023 | 2022 | |
| Number | Number | |
| Monthly average number employed | ||
United Kingdom | 4,618 | 5,140 |
Spain | 101 | 96 |
4,719 | 5,236 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Remuneration | ||
Wages and salaries | 270.7 | 290.0 |
Redundancy costs | 6.0 | 0.4 |
Social security costs | 29.4 | 31.8 |
Other pension costs | 15.1 | 15.4 |
321.2 | 337.6 |
| 2023 | 2022 | |
| Finance income | \u00a3m | \u00a3m |
Interest receivable | 29.5 | 8.6 |
29.5 | 8.6 |
| 2023 | 2022 | |
| Finance costs | \u00a3m | \u00a3m |
Interest on bank and other loans | (8.3) | (4.8) |
Foreign exchange loss | (0.5) | \u2013 |
(8.8) | (4.8) | |
Unwinding of discount on land creditors and other items | (14.8) | (18.3) |
Interest on lease liabilities (Note 19) | (1.0) | (0.4) |
Net interest on pension liability (Note 21) | (1.3) | (0.6) |
(25.9) | (24.1) |
| 2023 | 2022 | |
| Finance income | \u00a3m | \u00a3m |
Interest receivable | 29.5 | 8.6 |
29.5 | 8.6 |
| 2023 | 2022 | |
| Finance costs | \u00a3m | \u00a3m |
Interest on bank and other loans | (8.3) | (4.8) |
Foreign exchange loss | (0.5) | \u2013 |
(8.8) | (4.8) | |
Unwinding of discount on land creditors and other items | (14.8) | (18.3) |
Interest on lease liabilities (Note 19) | (1.0) | (0.4) |
Net interest on pension liability (Note 21) | (1.3) | (0.6) |
(25.9) | (24.1) |
| 2023 | 2022 | |
| Finance income | \u00a3m | \u00a3m |
Interest receivable | 29.5 | 8.6 |
29.5 | 8.6 |
| 2023 | 2022 | |
| Finance income | \u00a3m | \u00a3m |
Interest receivable | 29.5 | 8.6 |
29.5 | 8.6 |
| 2023 | 2022 | |
| Finance costs | \u00a3m | \u00a3m |
Interest on bank and other loans | (8.3) | (4.8) |
Foreign exchange loss | (0.5) | \u2013 |
(8.8) | (4.8) | |
Unwinding of discount on land creditors and other items | (14.8) | (18.3) |
Interest on lease liabilities (Note 19) | (1.0) | (0.4) |
Net interest on pension liability (Note 21) | (1.3) | (0.6) |
(25.9) | (24.1) |
| 2023 | 2022 | |
| Finance costs | \u00a3m | \u00a3m |
Interest on bank and other loans | (8.3) | (4.8) |
Foreign exchange loss | (0.5) | \u2013 |
(8.8) | (4.8) | |
Unwinding of discount on land creditors and other items | (14.8) | (18.3) |
Interest on lease liabilities (Note 19) | (1.0) | (0.4) |
Net interest on pension liability (Note 21) | (1.3) | (0.6) |
(25.9) | (24.1) |
| 2023 | 2022 | ||
| \u00a3m | \u00a3m | ||
| Current tax: | |||
UK: | Current year | (116.6) | (179.3) |
Adjustment in respect of prior years | 1.8 | 0.5 | |
Overseas: | Current year | (6.7) | (5.4) |
Adjustment in respect of prior years | 0.1 | (0.5) | |
(121.4) | (184.7) | ||
| Deferred tax: | |||
UK: | Current year | (2.5) | 0.4 |
Adjustment in respect of prior years | (0.2) | (0.1) | |
Overseas: | Current year | (0.7) | (1.7) |
Adjustment in respect of prior years | \u2013 | 1.8 | |
(3.4) | 0.4 | ||
(124.8) | (184.3) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Profit before tax | 473.8 | 827.9 |
Tax at the UK corporation tax rate of 27.5% (2022: 22.0%) | (130.3) | (182.1) |
Net over provision in respect of prior years | 1.7 | 1.7 |
Net impact of items that are not taxable or deductible | 0.1 | (5.6) |
Recognition of deferred tax asset relating to Spanish business | 1.0 | 1.0 |
Other rate impacting adjustments | 2.7 | 0.7 |
Tax charge for the year | (124.8) | (184.3) |
| Temporary | Losses and | |||||
| differences on | Retirement | other | ||||
| Share-based | Capital | overseas | benefit | temporary | ||
| payments | allowances | provisions | obligations | differences | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January 2022 | 3.9 | 2.4 | 5.5 | 8.8 | 5.6 | 26.2 |
(Charge)/credit to income | (1.7) | 0.4 | 0.2 | (0.9) | 2.4 | 0.4 |
Credit to other comprehensive income | \u2013 | \u2013 | \u2013 | 0.7 | \u2013 | 0.7 |
Charge to statement of changes in equity | (1.6) | \u2013 | \u2013 | \u2013 | \u2013 | (1.6) |
Foreign exchange | \u2013 | \u2013 | 0.3 | \u2013 | \u2013 | 0.3 |
At 31 December 2022 | 0.6 | 2.8 | 6.0 | 8.6 | 8.0 | 26.0 |
Credit/(charge) to income | 0.2 | (0.8) | (0.6) | (0.7) | (1.5) | (3.4) |
Charge to other comprehensive income | \u2013 | \u2013 | \u2013 | (0.2) | \u2013 | (0.2) |
Credit to statement of changes in equity | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 |
Foreign exchange | \u2013 | \u2013 | (0.1) | \u2013 | \u2013 | (0.1) |
At 31 December 2023 | 1.9 | 2.0 | 5.3 | 7.7 | 6.5 | 23.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Deferred tax assets | 25.0 | 27.4 |
Deferred tax liabilities | (1.6) | (1.4) |
23.4 | 26.0 |
| 2023 | 2022 | ||
| \u00a3m | \u00a3m | ||
| Current tax: | |||
UK: | Current year | (116.6) | (179.3) |
Adjustment in respect of prior years | 1.8 | 0.5 | |
Overseas: | Current year | (6.7) | (5.4) |
Adjustment in respect of prior years | 0.1 | (0.5) | |
(121.4) | (184.7) | ||
| Deferred tax: | |||
UK: | Current year | (2.5) | 0.4 |
Adjustment in respect of prior years | (0.2) | (0.1) | |
Overseas: | Current year | (0.7) | (1.7) |
Adjustment in respect of prior years | \u2013 | 1.8 | |
(3.4) | 0.4 | ||
(124.8) | (184.3) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Profit before tax | 473.8 | 827.9 |
Tax at the UK corporation tax rate of 27.5% (2022: 22.0%) | (130.3) | (182.1) |
Net over provision in respect of prior years | 1.7 | 1.7 |
Net impact of items that are not taxable or deductible | 0.1 | (5.6) |
Recognition of deferred tax asset relating to Spanish business | 1.0 | 1.0 |
Other rate impacting adjustments | 2.7 | 0.7 |
Tax charge for the year | (124.8) | (184.3) |
| Temporary | Losses and | |||||
| differences on | Retirement | other | ||||
| Share-based | Capital | overseas | benefit | temporary | ||
| payments | allowances | provisions | obligations | differences | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January 2022 | 3.9 | 2.4 | 5.5 | 8.8 | 5.6 | 26.2 |
(Charge)/credit to income | (1.7) | 0.4 | 0.2 | (0.9) | 2.4 | 0.4 |
Credit to other comprehensive income | \u2013 | \u2013 | \u2013 | 0.7 | \u2013 | 0.7 |
Charge to statement of changes in equity | (1.6) | \u2013 | \u2013 | \u2013 | \u2013 | (1.6) |
Foreign exchange | \u2013 | \u2013 | 0.3 | \u2013 | \u2013 | 0.3 |
At 31 December 2022 | 0.6 | 2.8 | 6.0 | 8.6 | 8.0 | 26.0 |
Credit/(charge) to income | 0.2 | (0.8) | (0.6) | (0.7) | (1.5) | (3.4) |
Charge to other comprehensive income | \u2013 | \u2013 | \u2013 | (0.2) | \u2013 | (0.2) |
Credit to statement of changes in equity | 1.1 | \u2013 | \u2013 | \u2013 | \u2013 | 1.1 |
Foreign exchange | \u2013 | \u2013 | (0.1) | \u2013 | \u2013 | (0.1) |
At 31 December 2023 | 1.9 | 2.0 | 5.3 | 7.7 | 6.5 | 23.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Deferred tax assets | 25.0 | 27.4 |
Deferred tax liabilities | (1.6) | (1.4) |
23.4 | 26.0 |
2023 | 2022 | |
Basic earnings per share | 9.9p | 18.1p |
Diluted earnings per share | 9.9p | 18.0p |
Adjusted basic earnings per share | 9.9p | 19.8p |
Adjusted diluted earnings per share | 9.9p | 19.7p |
| Weighted average number of shares for basic earnings | ||
per share \u2013 million | 3,530.4 | 3,564.8 |
| Weighted average number of shares for diluted earnings | ||
per share \u2013 million | 3,537.5 | 3,576.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Earnings for basic and diluted earnings per share | 349.0 | 643.6 |
Adjust for exceptional items (Note 6) | \u2013 | 80.0 |
Adjust for tax on exceptional items | \u2013 | (17.6) |
| Earnings for adjusted basic and adjusted diluted earnings | ||
per share | 349.0 | 706.0 |
| 2023 | 2022 | |
| Million | Million | |
| Weighted average number of shares for basic earnings | ||
per share | 3,530.4 | 3,564.8 |
Dilution from share options | 7.1 | 11.7 |
| Weighted average number of shares for diluted earnings | ||
per share | 3,537.5 | 3,576.5 |
| Brands | Software | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
| Cost | |||
At 1 January 2022 | 140.2 | 23.3 | 163.5 |
Additions | \u2013 | 0.4 | 0.4 |
At 31 December 2022 | 140.2 | 23.7 | 163.9 |
Additions | \u2013 | 0.1 | 0.1 |
At 31 December 2023 | 140.2 | 23.8 | 164.0 |
| Accumulated amortisation | |||
At 1 January 2022 | (140.2) | (16.7) | (156.9) |
Charge for the year | \u2013 | (2.8) | (2.8) |
At 31 December 2022 | (140.2) | (19.5) | (159.7) |
Charge for the year | \u2013 | (1.7) | (1.7) |
At 31 December 2023 | (140.2) | (21.2) | (161.4) |
| Carrying amount | |||
At 31 December 2023 | \u2013 | 2.6 | 2.6 |
At 31 December 2022 | \u2013 | 4.2 | 4.2 |
| Plant, | |||
| Freehold | equipment | ||
| land and | and leasehold | ||
| buildings | improvements | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
| Cost | |||
At 1 January 2022 | 16.5 | 29.8 | 46.3 |
Additions | \u2013 | 1.7 | 1.7 |
Disposals | (2.2) | \u2013 | (2.2) |
Exchange movements | \u2013 | 0.1 | 0.1 |
At 31 December 2022 | 14.3 | 31.6 | 45.9 |
Additions | \u2013 | 6.8 | 6.8 |
Disposals | \u2013 | (1.4) | (1.4) |
Exchange movements | \u2013 | \u2013 | \u2013 |
At 31 December 2023 | 14.3 | 37.0 | 51.3 |
| Accumulated depreciation | |||
At 1 January 2022 | (4.1) | (20.5) | (24.6) |
Charge for the year | (0.5) | (3.8) | (4.3) |
Disposals | 0.4 | \u2013 | 0.4 |
Exchange movements | \u2013 | (0.1) | (0.1) |
At 31 December 2022 | (4.2) | (24.4) | (28.6) |
Charge for the year | (0.5) | (1.3) | (1.8) |
Disposals | \u2013 | 1.1 | 1.1 |
Exchange movements | \u2013 | \u2013 | \u2013 |
At 31 December 2023 | (4.7) | (24.6) | (29.3) |
| Carrying amount | |||
At 31 December 2023 | 9.6 | 12.4 | 22.0 |
At 31 December 2022 | 10.1 | 7.2 | 17.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Share of net assets | 35.3 | 43.5 |
Loans to joint ventures | 35.2 | 30.5 |
Total interests in joint ventures | 70.5 | 74.0 |
| Interest in the | ||
| Country of | issued ordinary | |
| Joint venture | incorporation | share capital* |
Greenwich Millennium Village Limited | United Kingdom | 50% |
Winstanley and York Road Regeneration LLP | United Kingdom | 50% |
Whitehill & Bordon Development Company Phase 1a Limited | United Kingdom | 50% |
Whitehill & Bordon Regeneration Company Limited | United Kingdom | 50% |
| Whitehill | ||||||
| & Bordon | Whitehill | |||||
| Greenwich | Winstanley and | Development | & Bordon | |||
| Millennium | York Road | Company | Regeneration | Immaterial | ||
| Village | Regeneration | Phase 1a | Company | Joint Ventures | Total | |
| 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Non-current assets | \u2013 | 4.5 | 0.1 | 53.3 | 0.8 | 58.7 |
Current assets excluding cash | 50.7 | 82.2 | 29.1 | 6.3 | 24.6 | 192.9 |
Cash and cash equivalents | 22.6 | 2.1 | 0.2 | \u2013 | 4.5 | 29.4 |
Current financial liabilities | (6.2) | (3.5) | (2.0) | (24.7) | (13.2) | (49.6) |
Current other liabilities | (1.3) | \u2013 | \u2013 | \u2013 | \u2013 | (1.3) |
Non-current financial liabilities* | (2.6) | (104.6) | (24.6) | (31.7) | (14.7) | (178.2) |
Net assets/(liabilities) (100%) | 63.2 | (19.3) | 2.8 | 3.2 | 2.0 | 51.9 |
Group share of net assets/(liabilities) | 31.6 | (9.7) | 1.4 | 1.6 | 0.7 | 25.6 |
Loans to joint ventures | \u2013 | 43.2 | \u2013 | 0.1 | 1.6 | 44.9 |
Total interests in joint ventures | 31.6 | 33.5 | 1.4 | 1.7 | 2.3 | 70.5 |
Revenue | 50.9 | 27.9 | 0.9 | 15.1 | 6.9 | 101.7 |
Interest expense | \u2013 | (4.9) | (0.2) | (0.3) | (1.7) | (7.1) |
Income tax (expense)/credit | (2.6) | \u2013 | 0.1 | 0.1 | 0.4 | (2.0) |
Profit/(loss) for the year | 8.6 | (2.2) | (0.2) | (0.2) | (1.1) | 4.9 |
Group share of profit/(loss) for the year | 4.3 | (1.1) | (0.1) | (0.1) | (0.6) | 2.4 |
| Whitehill | |||||||
| & Bordon | Whitehill | ||||||
| Greenwich | Winstanley and | Development | & Bordon | ||||
| Millennium | Chobham | York Road | Company | Regeneration | Immaterial | ||
| Village | Manor | Regeneration | Phase 1a | Company | Joint Ventures | Total | |
| 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Non-current assets | \u2013 | \u2013 | 4.4 | 0.5 | 41.0 | 0.6 | 46.5 |
Current assets excluding cash | 54.8 | 7.8 | 70.9 | 8.6 | 6.5 | 21.4 | 170.0 |
Cash and cash equivalents | 21.3 | 21.5 | 8.1 | 2.3 | 0.6 | 2.2 | 56.0 |
Current financial liabilities | (13.3) | (1.4) | (5.3) | (0.6) | (10.7) | (10.0) | (41.3) |
Current other liabilities | \u2013 | \u2013 | \u2013 | (1.2) | (0.2) | \u2013 | (1.4) |
Non-current financial liabilities* | (8.2) | (0.4) | (95.1) | (6.5) | (33.8) | (15.6) | (159.6) |
Net assets/(liabilities) (100%) | 54.6 | 27.5 | (17.0) | 3.1 | 3.4 | (1.4) | 70.2 |
Group share of net assets/(liabilities) | 27.3 | 13.8 | (8.5) | 1.6 | 1.7 | (0.9) | 35.0 |
Loans to joint ventures | \u2013 | \u2013 | 37.4 | \u2013 | 0.1 | 1.5 | 39.0 |
Total interests in joint ventures | 27.3 | 13.8 | 28.9 | 1.6 | 1.8 | 0.6 | 74.0 |
Revenue | 78.6 | 103.5 | 17.7 | 25.4 | 24.5 | \u2013 | 249.7 |
Interest expense | (0.4) | \u2013 | (5.0) | (0.3) | (0.2) | (1.1) | (7.0) |
Income tax (expense)/credit | (3.3) | \u2013 | \u2013 | (1.2) | (0.2) | 0.3 | (4.4) |
Profit/(loss) for the year | 13.9 | 17.3 | (4.4) | 5.2 | 0.7 | (0.9) | 31.8 |
Group share of profit/(loss) for the year | 7.0 | 8.6 | (2.2) | 2.6 | 0.4 | (0.5) | 15.9 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Land | 3,269.5 | 3,428.3 |
Development and construction costs | 1,871.0 | 1,725.9 |
Part exchange and other | 29.1 | 15.4 |
5,169.6 | 5,169.6 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
1 January | 51.5 | 54.8 |
Net additions/(utilised) | 8.0 | (5.1) |
Foreign exchange | (0.6) | 1.8 |
31 December | 58.9 | 51.5 |
Current | Non-current | |||
| 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 82.5 | 136.8 | 21.7 | 9.6 |
Other receivables | 41.9 | 54.4 | 6.4 | 2.6 |
124.4 | 191.2 | 28.1 | 12.2 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cash and cash equivalents | 764.9 | 952.3 |
Current | Non-current | |||
| 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade receivables | 82.5 | 136.8 | 21.7 | 9.6 |
Other receivables | 41.9 | 54.4 | 6.4 | 2.6 |
124.4 | 191.2 | 28.1 | 12.2 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cash and cash equivalents | 764.9 | 952.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
\u20ac100.0 million 2.02% Senior Loan Notes 2023 | \u2013 | 88.5 |
\u20ac100.0 million 5.08% Senior Loan Notes 2030 | 87.0 | \u2013 |
87.0 | 88.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Amounts due for settlement within one year | \u2013 | 88.5 |
Amount due for settlement after one year | 87.0 | \u2013 |
Total borrowings | 87.0 | 88.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
\u20ac100.0 million 2.02% Senior Loan Notes 2023 | \u2013 | 88.5 |
\u20ac100.0 million 5.08% Senior Loan Notes 2030 | 87.0 | \u2013 |
87.0 | 88.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Amounts due for settlement within one year | \u2013 | 88.5 |
Amount due for settlement after one year | 87.0 | \u2013 |
Total borrowings | 87.0 | 88.5 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial assets | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cash and cash equivalents | a | 764.9 | 952.3 | 764.9 | 952.3 |
Land receivables | a | 2.8 | 16.3 | 2.8 | 16.3 |
Other financial assets | a | 10.3 | 10.0 | 10.3 | 10.0 |
Trade and other receivables | a | 100.1 | 136.4 | 100.1 | 136.4 |
Mortgage receivables | b | 6.3 | 10.2 | 6.3 | 10.2 |
884.4 | 1,125.2 | 884.4 | 1,125.2 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial liabilities | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Bank and other loans | a | 87.0 | 88.5 | 84.6 | 87.2 |
Land creditors | b | 516.1 | 725.6 | 516.1 | 725.6 |
Trade and other payables | b | 608.4 | 639.9 | 608.4 | 639.9 |
Lease liabilities | b | 39.8 | 27.0 | 39.8 | 27.0 |
1,251.3 | 1,481.0 | 1,248.9 | 1,479.7 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) increase in interest rates | 7.6 | 7.6 | 9.5 | 9.5 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) decrease in interest rates | (7.6) | (7.6) | (9.5) | (9.5) |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Euro weakens against Sterling | (0.4) | 2.9 | (0.9) | 5.5 |
Euro strengthens against Sterling | 0.5 | (3.2) | 1.0 | (6.8) |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 4.4 | 307.7 | 577.4 | 10.1 | 899.6 |
More than one year and less than two years | 4.4 | 139.2 | 15.2 | 9.8 | 168.6 |
More than two years and less than five years | 13.3 | 58.1 | 12.0 | 15.4 | 98.8 |
More than five years | 93.5 | 30.5 | 3.8 | 9.7 | 137.5 |
31 December 2023 | 115.6 | 535.5 | 608.4 | 45.0 | 1,304.5 |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 89.4 | 401.5 | 612.8 | 7.7 | 1,111.4 |
More than one year and less than two years | \u2013 | 216.6 | 14.8 | 7.0 | 238.4 |
More than two years and less than five years | \u2013 | 100.6 | 9.1 | 11.0 | 120.7 |
More than five years | \u2013 | 31.0 | 3.2 | 2.6 | 36.8 |
31 December 2022 | 89.4 | 749.7 | 639.9 | 28.3 | 1,507.3 |
Current | Non-current | |||
| 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade payables | 299.9 | 376.4 | 21.8 | 17.1 |
Land creditors | 301.2 | 395.0 | 214.9 | 330.6 |
Social security and other taxes | 8.3 | 9.6 | \u2013 | \u2013 |
Customer deposits | 80.3 | 89.7 | 11.8 | 10.4 |
Accruals | 266.4 | 230.8 | 1.7 | \u2013 |
Deferred income | 25.5 | 23.7 | 38.1 | 39.2 |
Other payables | 11.2 | 5.6 | 7.5 | 10.0 |
992.8 | 1,130.8 | 295.8 | 407.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Sterling | 478.2 | 696.1 |
Euros | 37.9 | 29.5 |
516.1 | 725.6 |
Current | Non-current | |||
| 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Trade payables | 299.9 | 376.4 | 21.8 | 17.1 |
Land creditors | 301.2 | 395.0 | 214.9 | 330.6 |
Social security and other taxes | 8.3 | 9.6 | \u2013 | \u2013 |
Customer deposits | 80.3 | 89.7 | 11.8 | 10.4 |
Accruals | 266.4 | 230.8 | 1.7 | \u2013 |
Deferred income | 25.5 | 23.7 | 38.1 | 39.2 |
Other payables | 11.2 | 5.6 | 7.5 | 10.0 |
992.8 | 1,130.8 | 295.8 | 407.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Sterling | 478.2 | 696.1 |
Euros | 37.9 | 29.5 |
516.1 | 725.6 |
| Premises | Equipment | Total | |
| Right-of-use assets: | \u00a3m | \u00a3m | \u00a3m |
At 1 January 2023 | 17.0 | 9.3 | 26.3 |
At 31 December 2023 | 25.7 | 12.1 | 37.8 |
Additions during the year | 12.7 | 8.4 | 21.1 |
| 2023 | 2022 | |
| Lease liabilities: | \u00a3m | \u00a3m |
At 1 January | 27.0 | 27.4 |
Additions | 21.1 | 7.2 |
Disposals | (0.5) | \u2013 |
Interest charge | 1.0 | 0.4 |
Payments | (8.9) | (8.0) |
Foreign exchange | 0.1 | \u2013 |
At 31 December | 39.8 | 27.0 |
Current | 8.8 | 7.3 |
Non-current | 31.0 | 19.7 |
Total | 39.8 | 27.0 |
| 2023 | 2022 | |
| Amounts recognised in the income statement: | \u00a3m | \u00a3m |
Depreciation charged on right-of-use premises | 4.0 | 3.2 |
Depreciation charged on right-of-use equipment | 5.2 | 4.2 |
Interest on lease liabilities | 1.0 | 0.4 |
Total | 10.2 | 7.8 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial assets | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cash and cash equivalents | a | 764.9 | 952.3 | 764.9 | 952.3 |
Land receivables | a | 2.8 | 16.3 | 2.8 | 16.3 |
Other financial assets | a | 10.3 | 10.0 | 10.3 | 10.0 |
Trade and other receivables | a | 100.1 | 136.4 | 100.1 | 136.4 |
Mortgage receivables | b | 6.3 | 10.2 | 6.3 | 10.2 |
884.4 | 1,125.2 | 884.4 | 1,125.2 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial liabilities | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Bank and other loans | a | 87.0 | 88.5 | 84.6 | 87.2 |
Land creditors | b | 516.1 | 725.6 | 516.1 | 725.6 |
Trade and other payables | b | 608.4 | 639.9 | 608.4 | 639.9 |
Lease liabilities | b | 39.8 | 27.0 | 39.8 | 27.0 |
1,251.3 | 1,481.0 | 1,248.9 | 1,479.7 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) increase in interest rates | 7.6 | 7.6 | 9.5 | 9.5 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) decrease in interest rates | (7.6) | (7.6) | (9.5) | (9.5) |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Euro weakens against Sterling | (0.4) | 2.9 | (0.9) | 5.5 |
Euro strengthens against Sterling | 0.5 | (3.2) | 1.0 | (6.8) |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 4.4 | 307.7 | 577.4 | 10.1 | 899.6 |
More than one year and less than two years | 4.4 | 139.2 | 15.2 | 9.8 | 168.6 |
More than two years and less than five years | 13.3 | 58.1 | 12.0 | 15.4 | 98.8 |
More than five years | 93.5 | 30.5 | 3.8 | 9.7 | 137.5 |
31 December 2023 | 115.6 | 535.5 | 608.4 | 45.0 | 1,304.5 |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 89.4 | 401.5 | 612.8 | 7.7 | 1,111.4 |
More than one year and less than two years | \u2013 | 216.6 | 14.8 | 7.0 | 238.4 |
More than two years and less than five years | \u2013 | 100.6 | 9.1 | 11.0 | 120.7 |
More than five years | \u2013 | 31.0 | 3.2 | 2.6 | 36.8 |
31 December 2022 | 89.4 | 749.7 | 639.9 | 28.3 | 1,507.3 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial assets | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Cash and cash equivalents | a | 764.9 | 952.3 | 764.9 | 952.3 |
Land receivables | a | 2.8 | 16.3 | 2.8 | 16.3 |
Other financial assets | a | 10.3 | 10.0 | 10.3 | 10.0 |
Trade and other receivables | a | 100.1 | 136.4 | 100.1 | 136.4 |
Mortgage receivables | b | 6.3 | 10.2 | 6.3 | 10.2 |
884.4 | 1,125.2 | 884.4 | 1,125.2 |
Carrying value | Fair value | ||||
| 31 December | 31 December | 31 December | 31 December | ||
| Fair value | 2023 | 2022 | 2023 | 2022 | |
| Financial liabilities | hierarchy | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Bank and other loans | a | 87.0 | 88.5 | 84.6 | 87.2 |
Land creditors | b | 516.1 | 725.6 | 516.1 | 725.6 |
Trade and other payables | b | 608.4 | 639.9 | 608.4 | 639.9 |
Lease liabilities | b | 39.8 | 27.0 | 39.8 | 27.0 |
1,251.3 | 1,481.0 | 1,248.9 | 1,479.7 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) increase in interest rates | 7.6 | 7.6 | 9.5 | 9.5 |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1.00% (2022: 1.00%) decrease in interest rates | (7.6) | (7.6) | (9.5) | (9.5) |
| Income | Equity | Income | Equity | |
| sensitivity | sensitivity | sensitivity | sensitivity | |
| 2023 | 2023 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Euro weakens against Sterling | (0.4) | 2.9 | (0.9) | 5.5 |
Euro strengthens against Sterling | 0.5 | (3.2) | 1.0 | (6.8) |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 4.4 | 307.7 | 577.4 | 10.1 | 899.6 |
More than one year and less than two years | 4.4 | 139.2 | 15.2 | 9.8 | 168.6 |
More than two years and less than five years | 13.3 | 58.1 | 12.0 | 15.4 | 98.8 |
More than five years | 93.5 | 30.5 | 3.8 | 9.7 | 137.5 |
31 December 2023 | 115.6 | 535.5 | 608.4 | 45.0 | 1,304.5 |
| Trade | |||||
| Bank and | Land | and other | Lease | ||
| other loans | creditors | payables | liabilities | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
On demand | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Within one year | 89.4 | 401.5 | 612.8 | 7.7 | 1,111.4 |
More than one year and less than two years | \u2013 | 216.6 | 14.8 | 7.0 | 238.4 |
More than two years and less than five years | \u2013 | 100.6 | 9.1 | 11.0 | 120.7 |
More than five years | \u2013 | 31.0 | 3.2 | 2.6 | 36.8 |
31 December 2022 | 89.4 | 749.7 | 639.9 | 28.3 | 1,507.3 |
| Assumptions | |
| Discount rate | 2.35% per annum above the yield on the nominal gilt yield curve. Illustrative |
| (pre-retirement) | rate of 3.51% using the 15-year spot rate from the curve |
| Discount rate | 0.50% per annum above the yield on the nominal gilt yield curve. Illustrative |
| (post-retirement) | rate of 1.66% using the 15-year spot rate from the curve |
RPI inflation | Implied inflation gilt yield curve. Illustrative rate of 3.40% using the 15-year |
| spot rate from the curve | |
CPI inflation | RPI less 0.8%. Illustrative rate of 2.60% using the 15-year spot rate from |
| the curve | |
Mortality | 104% of S3PxA tables, CMI_2019 improvements with 1.50% long term trend |
| rate, a smoothing factor of 7 and an initial addition parameter of 0.5% |
Accounting valuation assumptions | 2023 | 2022 |
| At 31 December: | ||
Discount rate for scheme liabilities | 4.60% | 4.95% |
General pay inflation | n/a | n/a |
Deferred pension increases | 2.15% | 2.30% |
Pension increases* | 1.90%-3.70% | 2.10%-3.65% |
2023 | 2022 | |||
Life expectancy | Male | Female | Male | Female |
Member currently aged 65 | 86 | 89 | 87 | 89 |
Member currently aged 45 | 87 | 90 | 88 | 91 |
| Impact on | |||
| scheme | |||
| Impact on | liabilities | ||
Assumption | Change in assumption | scheme liabilities | (%) |
Discount rate | Decrease by 0.5% p.a. | Increase by \u00a390m | 5.4 |
Rate of inflation* | Increase by 0.5% p.a. | Increase by \u00a351m | 3.0 |
Life expectancy | Members live 1 year longer | Increase by \u00a366m | 3.9 |
| Percentage of | |||||
| 31 December 2023 | Level 1 | Level 2 | Level 3 | Total | total scheme |
| Fair value of scheme assets of the TWPS | \u00a3m | \u00a3m | \u00a3m | \u00a3m | assets |
| Equity | \u2013 | 76.4 | \u2013 | 76.4 | 4.6% |
Diversified growth funds (b) | \u2013 | 228.5 | \u2013 | 228.5 | 13.8% |
Multi-asset credit | 6.5 | 202.3 | \u2013 | 208.8 | 12.6% |
Direct lending | 3.9 | \u2013 | 124.5 | 128.4 | 7.8% |
Fixed income | 2.8 | 193.3 | \u2013 | 196.1 | 11.9% |
| Liability driven investment | 56.6 | 615.7 | \u2013 | 672.3 | 40.7% |
Insurance policies in respect of certain members | \u2013 | \u2013 | 136.0 | 136.0 | 8.2% |
Cash | 7.0 | \u2013 | \u2013 | 7.0 | 0.4% |
76.8 | 1,316.2 | 260.5 | 1,653.5 | 100.0% |
| Percentage of | |||||
| 31 December 2022 | Level 1 | Level 2 | Level 3 | Total | total scheme |
| Fair value of scheme assets of the TWPS | \u00a3m | \u00a3m | \u00a3m | \u00a3m | assets |
| Equity | \u2013 | 38.3 | \u2013 | 38.3 | 2.3% |
Diversified growth funds (b) | \u2013 | 139.3 | \u2013 | 139.3 | 8.5% |
| Hedge funds | \u2013 | \u2013 | 220.3 | 220.3 | 13.4% |
Property | 0.1 | \u2013 | 2.3 | 2.4 | 0.1% |
Multi-asset credit | 32.5 | 152.1 | \u2013 | 184.6 | 11.2% |
Direct lending | 0.1 | \u2013 | 142.5 | 142.6 | 8.7% |
Fixed income | 6.0 | 172.2 | \u2013 | 178.2 | 10.8% |
| Liability driven investment | 165.0 | 428.8 | \u2013 | 593.8 | 36.1% |
Insurance policies in respect of certain members | \u2013 | \u2013 | 142.0 | 142.0 | 8.6% |
Cash | 4.8 | \u2013 | \u2013 | 4.8 | 0.3% |
208.5 | 930.7 | 507.1 | 1,646.3 | 100.0% |
2023 | 2022 | |||||
| Asset/(liability) | Asset/(liability) | |||||
| Present value | Fair value of | recognised on | Present value | Fair value of | recognised on | |
| of obligation | scheme assets | balance sheet | of obligation | scheme assets | balance sheet | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (1,675.9) | 1,646.3 | (29.6) | (2,482.3) | 2,445.3 | (37.0) |
Administration expenses | \u2013 | (3.3) | (3.3) | \u2013 | (2.3) | (2.3) |
Interest (expense)/income | (80.3) | 79.0 | (1.3) | (44.9) | 44.3 | (0.6) |
Total amount recognised in income statement | (80.3) | 75.7 | (4.6) | (44.9) | 42.0 | (2.9) |
Remeasurement gain/(loss) on scheme assets | \u2013 | 29.7 | 29.7 | \u2013 | (746.1) | (746.1) |
Change in demographic assumptions | 27.1 | \u2013 | 27.1 | (20.0) | \u2013 | (20.0) |
Change in financial assumptions | (34.9) | \u2013 | (34.9) | 758.8 | \u2013 | 758.8 |
Experience loss | (29.5) | \u2013 | (29.5) | (73.6) | \u2013 | (73.6) |
Adjustment to liabilities for IFRIC 14 | 8.4 | \u2013 | 8.4 | 84.1 | \u2013 | 84.1 |
Total remeasurements in other comprehensive income | (28.9) | 29.7 | 0.8 | 749.3 | (746.1) | 3.2 |
Employer contributions | \u2013 | 7.1 | 7.1 | \u2013 | 7.1 | 7.1 |
Employee contributions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Benefit payments | 105.3 | (105.3) | \u2013 | 102.0 | (102.0) | \u2013 |
At 31 December | (1,679.8) | 1,653.5 | (26.3) | (1,675.9) | 1,646.3 | (29.6) |
| 2023 | 2022 | |
| Accounting valuation | \u00a3m | \u00a3m |
Fair value of scheme assets | 1,653.5 | 1,646.3 |
Present value of scheme obligations | (1,576.8) | (1,569.7) |
Surplus in scheme | 76.7 | 76.6 |
IFRIC 14 limitation on recognition of surplus | (103.0) | (106.2) |
Deficit after IFRIC 14 adjustment | (26.3) | (29.6) |
Risk | Description |
Asset volatility | The TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatility-controlled equities, direct loans, government bonds |
| and a broad spectrum of corporate bonds and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration | |
| risk. | |
| The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the | |
| Trustee. In response to the significant increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient | |
| collateral in support of the liability-hedging programme. During the course of 2023, the Company and Trustee have rebalanced the portfolio into more liquid assets | |
| with the appointment of two new managers during the year, both of which have daily dealing terms and which are reflected in the asset allocation at the end of the | |
| reporting period. | |
Changes in bond yields | Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree |
| of matching, i.e. the movement in assets arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, | |
| the exposure to movements in bond yields is reduced. | |
| Investing in foreign | To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying |
| currency | investment portfolio is invested overseas. To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency |
| hedging programme, using forward foreign exchange contracts, has been put in place to reduce the currency exposure of these overseas investments to the targeted | |
| level. | |
Asset/liability mismatch | In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to |
| hedge changes in the TWPS\u2019 assets from changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of | |
| the assets with the liabilities assessed on one measure. Due to its relevance in driving Company contributions, the current policy is to assess the matching against the | |
| TWPS\u2019 long term funding basis. This can lead to a slight mis-match between the assets and the liabilities assessed on the Company\u2019s accounting basis, in particular | |
| if there is a change in corporate bond yield spreads. |
Risk | Description |
Liquidity | The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. Market volatility in |
| Q3/Q4 2022 required use of TWPS\u2019 liquid assets to ensure sufficient collateral was maintained. Although the existing processes ensured sufficient liquidity throughout | |
| the volatility, these processes were updated to provide further liquidity, and now include holding sufficient assets within the liability-hedging programme to cover the | |
| impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid assets should they be required. | |
| Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 75% are managed in either segregated accounts or | |
| daily/weekly dealt pooled funds and can be realised within a few business days under normal market conditions, and 7% are invested in pooled funds with monthly | |
| redemption dates. Of the remaining assets, 2% could be redeemed within approximately six to nine months of notification in normal market conditions, and the rest | |
| are made up of illiquid assets including insurance policies and illiquid debt (which include commercial real estate debt and direct lending bonds). | |
Life expectancy | The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the |
| TWPS\u2019 liabilities. The inflation-linked nature of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. | |
| During 2014, the Group reached agreement with Partnership Life Assurance Company Limited (now Just Group plc) to insure the benefits of 10% of members with | |
| the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more than 10% of longevity risk from | |
| the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities. | |
Climate risk | The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate |
| risk metrics into its risk management framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed | |
| investment managers to integrate climate change risks and opportunities into their investment processes as applied to the assets of the TWPS. |
| Assumptions | |
| Discount rate | 2.35% per annum above the yield on the nominal gilt yield curve. Illustrative |
| (pre-retirement) | rate of 3.51% using the 15-year spot rate from the curve |
| Discount rate | 0.50% per annum above the yield on the nominal gilt yield curve. Illustrative |
| (post-retirement) | rate of 1.66% using the 15-year spot rate from the curve |
RPI inflation | Implied inflation gilt yield curve. Illustrative rate of 3.40% using the 15-year |
| spot rate from the curve | |
CPI inflation | RPI less 0.8%. Illustrative rate of 2.60% using the 15-year spot rate from |
| the curve | |
Mortality | 104% of S3PxA tables, CMI_2019 improvements with 1.50% long term trend |
| rate, a smoothing factor of 7 and an initial addition parameter of 0.5% |
Accounting valuation assumptions | 2023 | 2022 |
| At 31 December: | ||
Discount rate for scheme liabilities | 4.60% | 4.95% |
General pay inflation | n/a | n/a |
Deferred pension increases | 2.15% | 2.30% |
Pension increases* | 1.90%-3.70% | 2.10%-3.65% |
2023 | 2022 | |||
Life expectancy | Male | Female | Male | Female |
Member currently aged 65 | 86 | 89 | 87 | 89 |
Member currently aged 45 | 87 | 90 | 88 | 91 |
| Impact on | |||
| scheme | |||
| Impact on | liabilities | ||
Assumption | Change in assumption | scheme liabilities | (%) |
Discount rate | Decrease by 0.5% p.a. | Increase by \u00a390m | 5.4 |
Rate of inflation* | Increase by 0.5% p.a. | Increase by \u00a351m | 3.0 |
Life expectancy | Members live 1 year longer | Increase by \u00a366m | 3.9 |
| Percentage of | |||||
| 31 December 2023 | Level 1 | Level 2 | Level 3 | Total | total scheme |
| Fair value of scheme assets of the TWPS | \u00a3m | \u00a3m | \u00a3m | \u00a3m | assets |
| Equity | \u2013 | 76.4 | \u2013 | 76.4 | 4.6% |
Diversified growth funds (b) | \u2013 | 228.5 | \u2013 | 228.5 | 13.8% |
Multi-asset credit | 6.5 | 202.3 | \u2013 | 208.8 | 12.6% |
Direct lending | 3.9 | \u2013 | 124.5 | 128.4 | 7.8% |
Fixed income | 2.8 | 193.3 | \u2013 | 196.1 | 11.9% |
| Liability driven investment | 56.6 | 615.7 | \u2013 | 672.3 | 40.7% |
Insurance policies in respect of certain members | \u2013 | \u2013 | 136.0 | 136.0 | 8.2% |
Cash | 7.0 | \u2013 | \u2013 | 7.0 | 0.4% |
76.8 | 1,316.2 | 260.5 | 1,653.5 | 100.0% |
| Percentage of | |||||
| 31 December 2022 | Level 1 | Level 2 | Level 3 | Total | total scheme |
| Fair value of scheme assets of the TWPS | \u00a3m | \u00a3m | \u00a3m | \u00a3m | assets |
| Equity | \u2013 | 38.3 | \u2013 | 38.3 | 2.3% |
Diversified growth funds (b) | \u2013 | 139.3 | \u2013 | 139.3 | 8.5% |
| Hedge funds | \u2013 | \u2013 | 220.3 | 220.3 | 13.4% |
Property | 0.1 | \u2013 | 2.3 | 2.4 | 0.1% |
Multi-asset credit | 32.5 | 152.1 | \u2013 | 184.6 | 11.2% |
Direct lending | 0.1 | \u2013 | 142.5 | 142.6 | 8.7% |
Fixed income | 6.0 | 172.2 | \u2013 | 178.2 | 10.8% |
| Liability driven investment | 165.0 | 428.8 | \u2013 | 593.8 | 36.1% |
Insurance policies in respect of certain members | \u2013 | \u2013 | 142.0 | 142.0 | 8.6% |
Cash | 4.8 | \u2013 | \u2013 | 4.8 | 0.3% |
208.5 | 930.7 | 507.1 | 1,646.3 | 100.0% |
2023 | 2022 | |||||
| Asset/(liability) | Asset/(liability) | |||||
| Present value | Fair value of | recognised on | Present value | Fair value of | recognised on | |
| of obligation | scheme assets | balance sheet | of obligation | scheme assets | balance sheet | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (1,675.9) | 1,646.3 | (29.6) | (2,482.3) | 2,445.3 | (37.0) |
Administration expenses | \u2013 | (3.3) | (3.3) | \u2013 | (2.3) | (2.3) |
Interest (expense)/income | (80.3) | 79.0 | (1.3) | (44.9) | 44.3 | (0.6) |
Total amount recognised in income statement | (80.3) | 75.7 | (4.6) | (44.9) | 42.0 | (2.9) |
Remeasurement gain/(loss) on scheme assets | \u2013 | 29.7 | 29.7 | \u2013 | (746.1) | (746.1) |
Change in demographic assumptions | 27.1 | \u2013 | 27.1 | (20.0) | \u2013 | (20.0) |
Change in financial assumptions | (34.9) | \u2013 | (34.9) | 758.8 | \u2013 | 758.8 |
Experience loss | (29.5) | \u2013 | (29.5) | (73.6) | \u2013 | (73.6) |
Adjustment to liabilities for IFRIC 14 | 8.4 | \u2013 | 8.4 | 84.1 | \u2013 | 84.1 |
Total remeasurements in other comprehensive income | (28.9) | 29.7 | 0.8 | 749.3 | (746.1) | 3.2 |
Employer contributions | \u2013 | 7.1 | 7.1 | \u2013 | 7.1 | 7.1 |
Employee contributions | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Benefit payments | 105.3 | (105.3) | \u2013 | 102.0 | (102.0) | \u2013 |
At 31 December | (1,679.8) | 1,653.5 | (26.3) | (1,675.9) | 1,646.3 | (29.6) |
| 2023 | 2022 | |
| Accounting valuation | \u00a3m | \u00a3m |
Fair value of scheme assets | 1,653.5 | 1,646.3 |
Present value of scheme obligations | (1,576.8) | (1,569.7) |
Surplus in scheme | 76.7 | 76.6 |
IFRIC 14 limitation on recognition of surplus | (103.0) | (106.2) |
Deficit after IFRIC 14 adjustment | (26.3) | (29.6) |
Risk | Description |
Asset volatility | The TWPS strategy remains well diversified through its exposure to a range of asset classes, including volatility-controlled equities, direct loans, government bonds |
| and a broad spectrum of corporate bonds and other fixed income exposures. The TWPS invests across a number of managers to reduce manager concentration | |
| risk. | |
| The TWPS does not target a specific asset allocation but instead bases its strategic asset allocation on the return objectives and risk constraints agreed upon by the | |
| Trustee. In response to the significant increases in bond yields over 2022, the Trustee took prudent steps to ensure that the TWPS continued to have sufficient | |
| collateral in support of the liability-hedging programme. During the course of 2023, the Company and Trustee have rebalanced the portfolio into more liquid assets | |
| with the appointment of two new managers during the year, both of which have daily dealing terms and which are reflected in the asset allocation at the end of the | |
| reporting period. | |
Changes in bond yields | Falling bond yields tend to increase the funding and accounting liabilities. However, the investment in bond and liability-matching derivatives offers a significant degree |
| of matching, i.e. the movement in assets arising from changes in bond yields substantially matches the movement in the funding or accounting liabilities. In this way, | |
| the exposure to movements in bond yields is reduced. | |
| Investing in foreign | To maintain appropriate diversification of investments within the TWPS assets and to take advantage of overseas investment returns, a proportion of the underlying |
| currency | investment portfolio is invested overseas. To balance the risk of investing in foreign currencies while having an obligation to settle benefits in Sterling, a currency |
| hedging programme, using forward foreign exchange contracts, has been put in place to reduce the currency exposure of these overseas investments to the targeted | |
| level. | |
Asset/liability mismatch | In order to manage the TWPS\u2019 economic exposure to interest rates and inflation rates, a liability-hedging programme has been put in place. Derivatives are used to |
| hedge changes in the TWPS\u2019 assets from changes in its liabilities, substantially reducing asset/liability mismatch risk. However, it is only possible to target matching of | |
| the assets with the liabilities assessed on one measure. Due to its relevance in driving Company contributions, the current policy is to assess the matching against the | |
| TWPS\u2019 long term funding basis. This can lead to a slight mis-match between the assets and the liabilities assessed on the Company\u2019s accounting basis, in particular | |
| if there is a change in corporate bond yield spreads. |
Risk | Description |
Liquidity | The TWPS requires sufficient liquidity to meet benefit payments, and to ensure sufficient collateral to support the liability-hedging programme. Market volatility in |
| Q3/Q4 2022 required use of TWPS\u2019 liquid assets to ensure sufficient collateral was maintained. Although the existing processes ensured sufficient liquidity throughout | |
| the volatility, these processes were updated to provide further liquidity, and now include holding sufficient assets within the liability-hedging programme to cover the | |
| impact of a further 4.0% increase in yields. The manager of the liability-hedging programme also has direct access to further liquid assets should they be required. | |
| Across the portfolio, the TWPS has liquid assets which could be sold at short notice if required. In particular, 75% are managed in either segregated accounts or | |
| daily/weekly dealt pooled funds and can be realised within a few business days under normal market conditions, and 7% are invested in pooled funds with monthly | |
| redemption dates. Of the remaining assets, 2% could be redeemed within approximately six to nine months of notification in normal market conditions, and the rest | |
| are made up of illiquid assets including insurance policies and illiquid debt (which include commercial real estate debt and direct lending bonds). | |
Life expectancy | The majority of the TWPS obligations are to provide a pension for the life of the member on retirement, so increases in life expectancy will result in an increase in the |
| TWPS\u2019 liabilities. The inflation-linked nature of the majority of benefit payments from the TWPS increases the sensitivity of the liabilities to changes in life expectancy. | |
| During 2014, the Group reached agreement with Partnership Life Assurance Company Limited (now Just Group plc) to insure the benefits of 10% of members with | |
| the greatest anticipated liabilities through a medically underwritten buy-in. By insuring these members, the Group has removed more than 10% of longevity risk from | |
| the TWPS by significantly reducing the longevity risk in relation to a large proportion of the liabilities. | |
Climate risk | The TWPS Trustee recognises that climate change is a financial risk affecting the TWPS assets. The TWPS Trustee integrates the monitoring of appropriate climate |
| risk metrics into its risk management framework and considers these metrics when making investment decisions. The TWPS Trustee requires its appointed | |
| investment managers to integrate climate change risks and opportunities into their investment processes as applied to the assets of the TWPS. |
| Cladding | ||||
| fire safety | Leasehold | Other | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January 2022 | 144.5 | 53.6 | 47.0 | 245.1 |
Additions | 80.0 | \u2013 | 23.9 | 103.9 |
Utilisation | (15.8) | (30.1) | (7.6) | (53.5) |
Released | \u2013 | \u2013 | (5.4) | (5.4) |
Foreign exchange | \u2013 | \u2013 | 0.2 | 0.2 |
At 31 December 2022 | 208.7 | 23.5 | 58.1 | 290.3 |
Additions | \u2013 | \u2013 | 24.3 | 24.3 |
Utilisation | (16.8) | (4.0) | (7.0) | (27.8) |
Released | \u2013 | \u2013 | \u2013 | \u2013 |
Foreign exchange | \u2013 | \u2013 | (0.1) | (0.1) |
At 31 December 2023 | 191.9 | 19.5 | 75.3 | 286.7 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Current | 124.9 | 106.7 |
Non-current | 161.8 | 183.6 |
31 December | 286.7 | 290.3 |
| 2023 | 2022 | |||
| \u00a3m | \u00a3m | |||
| Authorised: | ||||
22,200,819,176 | (2022: | 22,200,819,176) ordinary shares of | ||
1p each 1,158,299,201 | (2022: 1,158,299,201) deferred ordinary shares | 222.0 | 222.0 | |
of 24p each | 278.0 | 278.0 | ||
31 December | 500.0 | 500.0 |
| Number of | |||
| Number of | deferred | ||
| ordinary shares | ordinary shares | \u00a3m | |
| Issued and fully paid: | |||
31 December 2022 | 3,556,985,103 | 1,065,566,274 | 291.3 |
31 December 2023 | 3,556,985,103 | 1,065,566,274 | 291.3 |
| 2023 | 2022 | |||
| \u00a3m | \u00a3m | |||
| Authorised: | ||||
22,200,819,176 | (2022: | 22,200,819,176) ordinary shares of | ||
1p each 1,158,299,201 | (2022: 1,158,299,201) deferred ordinary shares | 222.0 | 222.0 | |
of 24p each | 278.0 | 278.0 | ||
31 December | 500.0 | 500.0 |
| Number of | |||
| Number of | deferred | ||
| ordinary shares | ordinary shares | \u00a3m | |
| Issued and fully paid: | |||
31 December 2022 | 3,556,985,103 | 1,065,566,274 | 291.3 |
31 December 2023 | 3,556,985,103 | 1,065,566,274 | 291.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
At 1 January | 777.9 | 777.5 |
Shares issued in year | \u2013 | 0.4 |
At 31 December | 777.9 | 777.9 |
| Capital | ||||
| redemption | Translation | Total other | ||
| reserve | reserve | Other | reserves | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Balance at 1 January 2022 | 31.5 | 6.1 | 504.0 | 541.6 |
| Exchange differences on translation | ||||
of foreign operations | \u2013 | 6.6 | \u2013 | 6.6 |
| Movement in fair value of hedging | ||||
instruments | \u2013 | (3.5) | \u2013 | (3.5) |
| Shares repurchased and cancelled | ||||
in year | 0.9 | \u2013 | \u2013 | 0.9 |
Balance at 31 December 2022 | 32.4 | 9.2 | 504.0 | 545.6 |
| Exchange differences on translation | ||||
of foreign operations | \u2013 | (2.4) | \u2013 | (2.4) |
| Movement in fair value of hedging | ||||
instruments | \u2013 | 1.2 | \u2013 | 1.2 |
Balance at 31 December 2023 | 32.4 | 8.0 | 504.0 | 544.4 |
| \u00a3m | |
Balance at 1 January 2022 | 14.6 |
Shares acquired | 33.8 |
Disposed of on exercise of options | (5.3) |
Balance at 31 December 2022 | 43.1 |
Disposed of on exercise of options | (13.4) |
Balance at 31 December 2023 | 29.7 |
Million shares | 2023 | 2022 |
| Ordinary shares held in trust and treasury for bonus, option and | ||
performance award plans | 21.9 | 30.9 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
At 1 January | 777.9 | 777.5 |
Shares issued in year | \u2013 | 0.4 |
At 31 December | 777.9 | 777.9 |
| Capital | ||||
| redemption | Translation | Total other | ||
| reserve | reserve | Other | reserves | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Balance at 1 January 2022 | 31.5 | 6.1 | 504.0 | 541.6 |
| Exchange differences on translation | ||||
of foreign operations | \u2013 | 6.6 | \u2013 | 6.6 |
| Movement in fair value of hedging | ||||
instruments | \u2013 | (3.5) | \u2013 | (3.5) |
| Shares repurchased and cancelled | ||||
in year | 0.9 | \u2013 | \u2013 | 0.9 |
Balance at 31 December 2022 | 32.4 | 9.2 | 504.0 | 545.6 |
| Exchange differences on translation | ||||
of foreign operations | \u2013 | (2.4) | \u2013 | (2.4) |
| Movement in fair value of hedging | ||||
instruments | \u2013 | 1.2 | \u2013 | 1.2 |
Balance at 31 December 2023 | 32.4 | 8.0 | 504.0 | 544.4 |
| \u00a3m | |
Balance at 1 January 2022 | 14.6 |
Shares acquired | 33.8 |
Disposed of on exercise of options | (5.3) |
Balance at 31 December 2022 | 43.1 |
Disposed of on exercise of options | (13.4) |
Balance at 31 December 2023 | 29.7 |
Million shares | 2023 | 2022 |
| Ordinary shares held in trust and treasury for bonus, option and | ||
performance award plans | 21.9 | 30.9 |
2023 | 2022 | |||
Sharesave (SAYE): | Options | WAEP (in \u00a3) | Options | WAEP (in \u00a3) |
Outstanding at the beginning of the year | 29,408,740 | 0.95 | 24,020,334 | 1.11 |
Granted during the year | 7,746,227 | 0.91 | 15,785,250 | 0.83 |
Forfeited during the year | (7,516,682) | 1.03 | (9,591,033) | 1.11 |
Exercised during the year | (3,725,149) | 0.98 | (805,811) | 1.30 |
Outstanding at the end of the year | 25,913,136 | 0.91 | 29,408,740 | 0.95 |
Exercisable at the end of the year | 2,294,076 | 1.00 | 2,245,075 | 1.24 |
2023 | 2022 | |||
Share Incentive Plan (SIP): | Options | WAEP (in \u00a3) | Options | WAEP (in \u00a3) |
Outstanding at the beginning of the year | 7,288,698 | \u2013 | 6,496,507 | \u2013 |
Granted during the year | 1,866,218 | \u2013 | 2,012,970 | \u2013 |
Forfeited during the year | (883,601) | \u2013 | (713,665) | \u2013 |
Exercised during the year | (995,545) | \u2013 | (507,114) | \u2013 |
Outstanding at the end of the year | 7,275,770 | \u2013 | 7,288,698 | \u2013 |
Exercisable at the end of the year | 3,419,633 | \u2013 | 3,288,991 | \u2013 |
2023 | 2022 | |||
Performance Share Plan (PSP): | Options | WAEP (in \u00a3) | Options | WAEP (in \u00a3) |
Outstanding at the beginning of the year | 10,543,277 | \u2013 | 15,731,848 | \u2013 |
Granted during the year | 2,019,637 | \u2013 | 1,891,265 | \u2013 |
Forfeited during the year | (4,845,594) | \u2013 | (5,700,993) | \u2013 |
Exercised during the year | (1,838,605) | \u2013 | (1,378,843) | \u2013 |
Outstanding at the end of the year | 5,878,715 | \u2013 | 10,543,277 | \u2013 |
Exercisable at the end of the year | \u2013 | \u2013 | \u2013 | \u2013 |
| Share awards with | Share awards with | |||
| no market conditions | market conditions | |||
2023 | 2022 | 2023 | 2022 | |
Model | Binomial | Binomial | Monte Carlo | Monte Carlo |
Weighted average share price | \u00a31.17 | \u00a30.93 | \u00a31.28 | \u00a31.30 |
Weighted average exercise price | \u00a30.79 | \u00a30.77 | Nil | Nil |
Expected volatility | 36% | 41% | 42% | 42% |
Expected life | 3/5 years | 3/5 years | 3 years | 3 years |
Risk-free rate | 4.4% | 4.2% | 3.79% | 1.46% |
Expected dividend yield | 7.65% | 4.24% | 0.0% | 0.0% |
Weighted average fair value of options granted in year | \u00a30.42 | \u00a30.34 | \u00a30.76 | \u00a30.72 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Short term employee benefits | 4.5 | 4.2 |
Post-employment benefits | 0.3 | 0.3 |
Total (excluding share-based payments charge) | 4.8 | 4.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Short term employee benefits | 4.5 | 4.2 |
Post-employment benefits | 0.3 | 0.3 |
Total (excluding share-based payments charge) | 4.8 | 4.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Proposed | ||
| Interim dividend 2023: 4.79p (2022: 4.62p) per ordinary share | ||
of 1p each Final dividend 2023: 4.79p (2022: 4.78p) per ordinary share | 169.1 | 162.9 |
of 1p each | 169.4 | 169.0 |
338.5 | 331.9 | |
| Amounts recognised as distributions to equity holders | ||
| Paid | ||
| Final dividend 2022: 4.78p (2021: 4.44p) per ordinary share | ||
of 1p each Interim dividend 2023: 4.79p (2022: 4.62p) per ordinary share | 168.8 | 160.9 |
of 1p each | 169.1 | 162.9 |
337.9 | 323.8 |
2023 | 2022 | |
Profit on ordinary activities before financing (\u00a3m) | 467.8 | 827.5 |
| Adjusted for: | ||
Share of results of joint ventures (\u00a3m) (Note 13) | 2.4 | 15.9 |
Exceptional items (\u00a3m) (Note 6) | \u2013 | 80.0 |
Operating profit (\u00a3m) | 470.2 | 923.4 |
Revenue (\u00a3m) (Note 4) | 3,514.5 | 4,419.9 |
Operating profit margin | 13.4% | 20.9% |
2023 | 2022 | 2021 | |
Basic net assets (\u00a3m) | 4,523.4 | 4,502.1 | 4,314.0 |
| Adjusted for: | |||
Cash (\u00a3m) (Note 16) | (764.9) | (952.3) | (921.0) |
Borrowings (\u00a3m) (Note 17) | 87.0 | 88.5 | 84.0 |
Net taxation (\u00a3m) | (21.8) | (18.8) | (26.4) |
Accrued dividends (\u00a3m) | \u2013 | \u2013 | \u2013 |
Net operating assets (\u00a3m) | 3,823.7 | 3,619.5 | 3,450.6 |
Average basic net assets (\u00a3m) | 4,512.8 | 4,408.1 | |
Average net operating assets (\u00a3m) | 3,721.6 | 3,535.1 |
2023 | 2022 | |
Operating profit (\u00a3m) | 470.2 | 923.4 |
Average net operating assets (\u00a3m) | 3,721.6 | 3,535.1 |
Return on net operating assets | 12.6% | 26.1% |
2023 | 2022 | |
Basic net assets (\u00a3m) | 4,523.4 | 4,502.1 |
| Adjusted for: | ||
Intangible assets (\u00a3m) (Note 11) | (2.6) | (4.2) |
Tangible net assets (\u00a3m) | 4,520.8 | 4,497.9 |
Ordinary shares in issue (millions) | 3,557.0 | 3,557.0 |
Tangible net assets per share (pence) | 127.1 | 126.5 |
2023 | 2022 | |
Revenue (\u00a3m) (Note 4) | 3,514.5 | 4,419.9 |
Average net operating assets (\u00a3m) | 3,721.6 | 3,535.1 |
Net operating asset turn | 0.94 | 1.25 |
2023 | 2022 | |
Cash generated from operations (\u00a3m) | 288.9 | 705.0 |
Operating profit (\u00a3m) | 470.2 | 923.4 |
Cash conversion | 61.4% | 76.3% |
2023 | 2022 | |
Cash (\u00a3m) (Note 16) | 764.9 | 952.3 |
Loans (\u00a3m) (Note 17) | (87.0) | (88.5) |
Net cash (\u00a3m) | 677.9 | 863.8 |
Land creditors (\u00a3m) (Note 18) | (516.1) | (725.6) |
Adjusted net debt (\u00a3m) | 161.8 | 138.2 |
Basic net assets (\u00a3m) | 4,523.4 | 4,502.1 |
Adjusted gearing | (3.6)% | (3.1)% |