Strategic Report Financial Review
The total profit for the year was £33.8million, up over 50% compared with 2020. AndrewDewhirst Finance Director
This financial year has been unparalleled as a result of the Covid-19 pandemic, with UK GDP declining by -9.8% in 2020, the largest fall on record. Many sectors of the economy have been badly disrupted by the lockdowns and other restrictions, particularly retail, leisure and travel. We have not been immune to this, but have been fortunate in having limited exposure to the more badly hit retail and leisure sectors. Our results for the year are very positive in the context of the backdrop in which we have been operating. The total profit for the year was £33.8 million, which is higher than both 2020 and 2019. Our EPRA earnings increased to £20.1 million. Earnings per share were 6.2 pence overall (3.7 pence on an EPRA basis), and the total return based on these results was 6.6% for the year.
Net asset value The net assets of the Group increased to £528.2 million, or 97 pence per share, which was a rise of 3.7% over the year. The chart below shows the components of this increase. £m March 2020 net asset value 509.3 Income profit 20.1 Valuation movement 12.8 Profit on asset disposals 0.9 Share-based awards 0.7 Purchase of shares (0.6) Dividends paid (15.0) March 2021 net asset value 528.2 The following table reconciles the net asset value calculated in accordance with International Financial Reporting Standards (IFRS) with that of the European Public Real Estate Association (EPRA). 2021 £m 2020 £m 2019 £m Net asset value – IFRS and EPRA NTA 528.2 509.3 499.4 Fair value of debt (21.0) (29.6) (24.8) EPRA NDV asset value 507.2 479.7 474.6
£33.8m Profit after tax £20.1m EPRA earnings 6.2p Earnings per share
Net asset value per share (pence) EPRA net tangible asset value per share (pence) EPRA net disposal value per share (pence)
97
93
93
97
93
93
93
88
88
44
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