|
30 Sep 2017 |
|
30 Sep 2016 |
|
31 Mar 2017 |
|
|
|
£000 |
|
£000 |
|
£000 |
|
|
|
|
|
|
|
|
Profit before tax |
56,643 |
|
65,112 |
|
198,396 |
|
|
|
|
|
|
|
|
Profit after tax |
45,474 |
|
61,477 |
|
162,130 |
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
£2.79 |
|
£3.76 |
|
£9.93 |
|
|
|
|
|
|
|
|
Equity shareholders' funds per share |
£103.28 |
|
£95.81 |
|
£101.61 |
· The profit before tax for the period was £56.6 million (2016: £65.1 million) after accounting for the net valuation gain on investment properties of £29.5 million (2016: £38.6 million).
· The property portfolio has been valued by the Directors based on the recommendations of the Group's external advisers and continues to show modest growth in both the UK and USA.
· We continue to see some increase in rental income in the UK and USA. The reduction in the sterling/dollar exchange rate in this period has resulted in USA reported rental income increasing by £1.5 million (2016: £2.4 million).
· Since the Brexit referendum the UK has been dominated by political and economic uncertainty which has led to reduced forecasts for economic growth. This combination of factors will provide a challenging environment for our UK business. In the USA the economic outlook is more encouraging and should provide a positive environment to grow our business.
· The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the Group's investment properties, movements in the sterling/dollar exchange rate and the incidence of voids and bad debts.
· An interim dividend of 35p per share will be paid on 9 March 2018 to shareholders on the register on 9 February 2018.
B S E Freshwater
Chairman
29 November 2017