Year ended 31 March 2024 | Year ended 31 March 2023 | ||||||
Operating | Fair value | Operating | Fair value | ||||
andfinancing | adjustments | Total | and financing | adjustments | Total | ||
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
Notes | £m | £m | £m | £m | £m | £m | |
Revenue | 4 | ||||||
Property operating expenses* | 5 | ( | ( | ( | ( | ||
Net property income | |||||||
Administrative expenses | 6 | ( | ( | ( | ( | ||
Other income | 7 | ||||||
Share of profit from joint ventures | 15 | ||||||
Share of profit from associates | 16 | ||||||
Net property valuation movement | 14 | ( | ( | ( | ( | ||
Loss on disposal of joint venture | 8 | ( | ( | ||||
Loss on disposal of investment properties | 9 | ( | ( | ( | ( | ||
Operating profit/(loss) | ( | ( | ( | ||||
Finance income | 10 | ||||||
Finance costs | 10 | ( | ( | ( | ( | ||
Profit/(loss) for the year before taxation | ( | ( | ( | ||||
Taxation | 11 | ||||||
Profit/(loss) for the year | ( | ( | ( | ||||
Total comprehensive profit/(loss) for the year | ( | ||||||
There are no items of other comprehensive income for the current or prior year | |||||||
Earnings/(loss) per share | |||||||
Basic (pence) | 12 | ( | |||||
Diluted (pence) | 12 | ( |
2024 | 2023 | ||
£m | £m | ||
Non-current assets | |||
Investment properties | 14 | ||
Right of use asset | 21 | ||
Investments in joint ventures | 15 | ||
Investments in associates | 16 | ||
Property, plant and equipment | |||
Total non-current assets | |||
Current assets | |||
Trade and other receivables | 17 | ||
Cash and cash equivalents | 18 | ||
Total current assets | |||
Total assets | |||
Equity and liabilities | |||
Current liabilities | |||
Trade and other payables | 19 | ||
Lease liability | 21 | ||
Total current liabilities | |||
Non-current liabilities | |||
Lease liability | 21 | ||
Borrowings | 20 | ||
Total non-current liabilities | |||
Net assets | |||
Equity | |||
Share capital | 22 | ||
Share premium | 22 | ||
Merger reserve | 22 | ( | ( |
Investment in own shares | 22 | ( | |
Retained earnings | 22 | ||
Total equity | |||
Net Asset Value (NAV) per share (pence) | |||
Basic | 12 | ||
Diluted | 12 | ||
EPRA NTA | 12 |
2024 | 2023 | |
£m | £m | |
Cash flows from operating activities | ||
Profit / (loss) for the year before taxation | ( | |
Adjustments for: | ||
Loss on disposal of investment property | ||
Net valuation movement | ||
Net valuation movement in joint ventures | ( | |
Net valuation movement in associates | ( | |
Share of profit from joint ventures | ( | ( |
Share of profit from associates | ( | ( |
Loss on disposal of joint venture | ||
Net interest expense | ||
Rent free lease incentives | ||
Movement in expected credit loss | ( | |
Capitalisation of legal and letting fees | ( | ( |
Depreciation on property plant and equipment | ||
Share-based payment expense | ||
Cash generated from operations before changes in working capital | ||
Changes in working capital | ||
Decrease in trade and other receivables | ||
Decrease in payables and other financial liabilities | ( | ( |
Cash generated from operations | ||
Interest paid | ( | ( |
Interest income* | ||
Dividends received from joint ventures | ||
Dividends received from associates | ||
Net cash generated from operating activities | ||
Cash flows from investing activities | ||
Return of investment from associate | ||
Disposal proceeds from joint venture | ||
Disposal of investment properties | ||
Development and other capital expenditure | ( | ( |
Purchase of plant and equipment | ( | |
Net cash generated from investing activities | ||
Cash flows from financing activities | ||
Repayment of principal portion of lease liability | ( | ( |
Purchase of own shares | ( | |
Dividends paid – ordinary | ( | ( |
Net cash used in financing activities | ( | ( |
Cash and cash equivalents at beginning of the year | ||
Net increase in cash and cash equivalents | ||
Cash and cash equivalents at 31 March |
Investment in | Retained | ||||||
Share capital | Share premium | Merger reserve | own shares | earnings | |||
£m | £m | £m | £m | £m | Total £m | ||
As at 1 April 2022 | ( | ||||||
Loss for the year after taxation | ( | ( | |||||
Total comprehensive loss for the year | |||||||
after taxation | ( | ( | |||||
Transactions with equity holders | |||||||
Issue of new shares | |||||||
Share-based payments | |||||||
Dividends paid | 13 | ( | ( | ||||
As at 31 March 2023 | ( | ||||||
Profit for the year after taxation | |||||||
Total comprehensive profit for the year | |||||||
after taxation | |||||||
Transactions with equity holders | |||||||
Issue of new shares | |||||||
Purchase of own shares | 22 | ( | ( | ||||
Share-based payments | |||||||
Dividends paid | 13 | ( | ( | ||||
As at 31 March 2024 | ( | ( |
2024 | 2023 | |
£m | £m | |
Property rental and related income* | 52.2 | 58.2 |
Amortisation of tenant incentives and letting costs | (1.5) | (1.5) |
Surrender premiums and commissions | 0.7 | 0.6 |
Rental related income | 51.4 | 57.3 |
Asset management fees | 2.5 | 1.5 |
Service charge income | 11.1 | 13.4 |
Revenue | 65.0 | 72.2 |
2024 | 2023 | |
£m | £m | |
Service charge expense | 15.1 | 19.0 |
Rates on vacant units | 1.7 | 2.7 |
Expected credit loss reversal | – | (0.1) |
Other property operating expenses | 4.1 | 3.5 |
Property operating expenses | 20.9 | 25.1 |
2024 | 2023 | |
£m | £m | |
Wages and salaries | 5.6 | 5.2 |
Social security costs | 0.9 | 0.9 |
Other pension costs | 0.1 | 0.1 |
Staff costs | 6.6 | 6.2 |
Depreciation* | 0.3 | 0.8 |
Share-based payments | 1.5 | 1.1 |
Other administrative expenses | 4.0 | 4.0 |
Head office relocation costs** | – | 0.5 |
Administrative expenses | 12.4 | 12.6 |
2024 | 2023 | |
Directors | 7 | 7 |
Operations and asset managers | 18 | 17 |
Support functions | 27 | 27 |
Total | 52 | 51 |
2024 | 2023 | |
£m | £m | |
Audit of the Company and consolidated financial statements | 0.3 | 0.3 |
Audit of subsidiaries, pursuant to legislation | 0.2 | 0.2 |
0.5 | 0.5 | |
Non-audit fees – interim review | 0.1 | 0.1 |
Total fees | 0.6 | 0.6 |
2024 | 2023 | |
£m | £m | |
Insurance proceeds | 0.4 | 1.4 |
Other income | 0.4 | 1.4 |
£m | |
Carrying value at 31 March 2023 | 23.6 |
Movement in the period 31 March 2023 to 27 June 2023 | (0.3) |
Carrying value at 27 June 2023 | 23.3 |
Net cash proceeds | 21.0 |
Loss on disposal of a joint venture | (2.3) |
2024 | 2023 | |
£m | £m | |
Gross disposal proceeds | 6.8 | 20.0 |
Carrying value | (10.2) | (22.3) |
Cost of disposal | (0.4) | (1.5) |
Loss on disposal of investment properties | (3.8) | (3.8) |
2024 | 2023 | |
£m | £m | |
Income from loans with joint ventures and associates | (0.2) | (0.3) |
Income from treasury deposits | (5.2) | (1.1) |
Finance income | (5.4) | (1.4) |
Interest on borrowings | 12.7 | 12.7 |
Finance cost on lease liabilities | 2.6 | 2.7 |
Finance costs | 15.3 | 15.4 |
2024 | 2023 | |
£m | £m | |
Taxation charge | – | – |
Profit/(loss) before tax | 3.0 | (16.8) |
Tax at the current rate of 25% (2023: 19%) | 0.8 | (3.2) |
Revaluation of property | 3.5 | 7.3 |
Movement in unrecognised deferred tax | 1.1 | (0.2) |
Non-taxable profit due to REIT regime | (5.4) | (4.4) |
Non-taxable income | – | (0.4) |
Transfer pricing adjustment | – | 0.9 |
Taxation charge | – | – |
31 March 2023 | Charge | Disposals | 31 March 2024 | |
£m | £m | £m | £m | |
Net deferred tax | – | – | – | – |
31 March 2022 | Charge | Disposals | 31 March 2023 | |
£m | £m | £m | £m | |
Net deferred tax | – | – | – | – |
2024 | 2023 | |
£m | £m | |
Profit/(loss) for the year after taxation | 3.0 | (16.8) |
Adjustments | ||
Net valuation movement | 13.9 | 38.2 |
Loss on disposal of investment properties | 3.8 | 3.8 |
Loss on disposal of joint venture | 2.3 | – |
Group’s share of joint ventures’ and associates’ adjustments | ||
Revaluation of investment properties | – | (0.8) |
Revaluation of derivatives | (0.1) | (0.2) |
Deferred tax | – | 0.2 |
EPRA earnings | 22.9 | 24.4 |
Share-based payment charge | 1.5 | 1.1 |
Forward looking element of IFRS 9* | – | (0.2) |
Head office relocation costs | – | 0.5 |
Underlying Funds From Operations (UFFO) | 24.4 | 25.8 |
2024 | 2023 | |
No. m | No. m | |
Weighted average number of ordinary shares for the purposes of Basic EPS, UFFO and EPRA | 311.4 | 309.7 |
Effect of dilutive potential ordinary shares: | ||
Performance share plan | 1.6 | 1.2 |
Deferred bonus shares | 0.9 | 0.8 |
Weighted average number of ordinary shares for the purposes of Diluted EPS | 313.9 | 311.7 |
2024 | 2023 | |
IFRS Basic EPS | 1.0 | (5.4) |
IFRS Diluted EPS | 1.0 | (5.4) |
EPRA EPS | 7.4 | 7.9 |
UFFO PS | 7.8 | 8.3 |
2024 | 2023 | |||||
Shares | Shares | |||||
£m | m | Pence per share | £m | m | Pence per share | |
Net assets | 361.1 | 310.8* | 116p | 378.6 | 310.7 | 122p |
Unexercised employee awards | – | 2.5 | – | 2.0 | ||
Diluted net assets | 361.1 | 313.3 | 115p | 378.6 | 312.7 | 121p |
Group’s share of associates deferred tax liability | 0.8 | – | 0.9 | – | ||
Group’s share of joint venture/associates fair value derivatives | (0.1) | – | (0.6) | – | ||
EPRA Net Tangible Assets | 361.8 | 313.3 | 115p | 378.9 | 312.7 | 121p |
PID | Non-PID | Pence per share Payment date | £m | |
Year to March 2023 | ||||
Ordinary dividends | ||||
3 September 2022 | 3.3 | – | 3.3 | 10.1 |
17 January 2023 | 3.5 | – | 3.5 | 10.8 |
20.9 | ||||
Year to March 2024 | ||||
Ordinary dividends | ||||
4 August 2023 | 3.2 | – | 3.2 | 9.8 |
16 January 2024 | 3.4 | – | 3.4 | 10.5 |
20.3 |
2024 | 2023 | |
£m | £m | |
Dividends paid | (20.3) | (20.9) |
Scrip dividend | 1.6 | 1.3 |
Dividends paid in the consolidated cash flow statement | (18.7) | (19.6) |
2024 | 2023 | |
£m | £m | |
Fair value brought forward | 551.5 | 609.1 |
Capital expenditure* | 5.3 | 2.9 |
Lease incentives, letting and legal costs | 0.9 | (0.1) |
Disposals | (10.2) | (22.3) |
Net valuation movement | (13.7) | (38.1) |
Fair value carried forward | 533.8 | 551.5 |
Right of use asset (investment property) | 74.9 | 75.8 |
Fair value carried forward | 608.7 | 627.3 |
EPRA | |||||||||
Property ERV | Property rent | Property | topped up | ||||||
equivalent | net initial | ||||||||
yield | yield | ||||||||
Fair value | Min | Max | Average | Min | Max | Average | Average | Average | |
£m | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | % | % | |
Retail parks | 132.8 | 10.6 | 14.2 | 11.8 | 8.3 | 14.7 | 10.8 | 7.0 | 6.7 |
Shopping Centres – Core | 234.5 | 4.2 | 32.0 | 12.4 | 4.1 | 32.3 | 10.5 | 9.6 | 9.5 |
Shopping Centres – Regeneration | 128.9 | 5.0 | 18.6 | 16.0 | 3.0 | 13.7 | 10.5 | 7.4 | 6.3 |
Shopping Centres – Work Out | 34.4 | 5.9 | 17.5 | 6.3 | 1.3 | 3.3 | 1.5 | 12.0 | 4.0 |
High street and other | 3.2 | 4.0 | 6.2 | 5.7 | 3.9 | 6.2 | 4.9 | 9.2 | 18.1 |
533.8 |
Property ERV | Property rent | ||||||||
Fair value | Min | Max | Average | Min | Max | Average | |||
£m | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | £ per sq ft | |||
Retail parks | 128.6 | 9.6 | 14.2 | 11.4 | 7.9 | 14.7 | 10.9 | 7.0 | 7.0 |
Shopping Centres – Core | 214.8 | 8.8 | 30.1 | 14.0 | 8.0 | 30.8 | 12.9 | 9.3 | 9.7 |
Shopping Centres – Regeneration | 140.1 | 5.2 | 18.8 | 16.1 | 4.0 | 13.4 | 10.6 | 6.8 | 5.9 |
Shopping Centres – Work Out | 63.3 | 6.5 | 15.3 | 8.8 | 1.5 | 6.3 | 4.4 | 14.0 | 9.4 |
High street and other | 4.7 | 4.2 | 8.6 | 6.6 | 3.7 | 8.7 | 4.1 | 9.5 | 10.0 |
551.5 |
Impact on valuations of a | Impact on valuations of | ||||
10% change in ERV | 100 bps change in yield | ||||
Retail asset | |||||
valuation | Increase 10% | Decrease 10% | Increase 1.0% | Decrease 1.0% | |
Asset Type | £m | £m | £m | £m | £m |
Retail parks | 132.8 | 10.2 | (10.1) | (14.6) | 19.5 |
Shopping Centres – Core | 234.5 | 17.7 | (16.2) | (20.7) | 26.2 |
Shopping Centres – Regeneration | 128.9 | 12.6 | (12.3) | (15.9) | 21.0 |
Shopping Centres – Work Out | 34.4 | 4.3 | (4.3) | (4.4) | 5.4 |
High street and other | 3.2 | 0.5 | (0.5) | (0.4) | 0.5 |
533.8 | 45.3 | (43.4) | (56.0) | 72.6 |
Impact on valuations of a | Impact on valuations of | ||||
10% change in ERV | 100 bps change in yield | ||||
Retail asset | |||||
valuation | Increase 10% | Decrease 10% | Increase 1.0% | Decrease 1.0% | |
Asset Type | £m | £m | £m | £m | £m |
Retail parks | 128.6 | 9.7 | (9.6) | (14.2) | 18.9 |
Shopping Centres – Core | 214.8 | 18.2 | (16.7) | (21.7) | 27.6 |
Shopping Centres – Regeneration | 140.1 | 13.5 | (13.0) | (18.9) | 26.0 |
Shopping Centres – Work Out | 63.3 | 6.5 | (5.8) | (5.8) | 7.4 |
High street and other | 4.7 | 0.6 | (0.6) | (0.6) | 0.7 |
551.5 | 48.5 | (45.7) | (61.2) | 80.6 |
2024 | 2023 | |
£m | £m | |
Net valuation movement in investment properties | (13.7) | (38.1) |
Net valuation movement in right of use asset | (0.2) | (0.1) |
Net valuation movement in consolidated statement of comprehensive income | (13.9) | (38.2) |
2024 | 2023 | ||
£m | £m | ||
Investment property | 14 | 533.8 | 551.5 |
Properties held in joint ventures | 15 | – | 32.2 |
Properties held in associates | 16 | 10.0 | 9.9 |
Properties at valuation | 543.8 | 593.6 |
2024 | 2023 | |
£m | £m | |
Opening balance | 23.8 | 24.0 |
Disposals | (23.3) | – |
Group’s share of profit after taxation excluding valuation movement | 0.5 | 2.4 |
Net valuation movement | – | 0.6 |
Dividends | (0.9) | (3.2) |
Investment in joint venture | 0.1 | 23.8 |
2024 | 2023 | ||
% Holding | % Holding | ||
NewRiver Retail Investments LP (NRI LP) | Guernsey | 50 | 50 |
NewRiver Retail (Napier) Limited (Napier) | UK | – | 50 |
2024 | 2023 | |||
Total | Group’s share | Total | Group’s share | |
Consolidated balance sheet | £m | £m | £m | £m |
Non-current assets | – | – | 64.4 | 32.2 |
Current assets | 0.3 | 0.1 | 5.5 | 2.8 |
Current liabilities | – | – | (1.4) | (0.7) |
Liabilities due in more than one year | – | – | (26.9) | (13.5) |
Net assets | 0.3 | 0.1 | 41.6 | 20.8 |
Loan to joint venture | – | – | – | 3.0 |
Net assets adjusted for loan to joint venture | 0.3 | 0.1 | 41.6 | 23.8 |
2024 | 2023 | |||
Total | Group’s share | Total | Group’s share | |
Consolidated statement of comprehensive income | £m | £m | £m | £m |
Revenue | 1.4 | 0.7 | 5.9 | 3.0 |
Property operating expenses | – | – | (0.4) | (0.2) |
Net property income | 1.4 | 0.7 | 5.5 | 2.8 |
Administration expenses | (0.1) | (0.1) | (0.2) | (0.1) |
Net finance costs | (0.1) | (0.1) | (0.6) | (0.3) |
Group’s share of joint ventures’ profit before valuation movements | 1.2 | 0.5 | 4.7 | 2.4 |
Net valuation movement | – | – | 1.2 | 0.6 |
Profit on disposal of investment property | – | – | 0.1 | – |
Profit after taxation | 1.2 | 0.5 | 6.0 | 3.0 |
Add back net valuation movement | – | – | (1.2) | (0.6) |
Group’s share of joint ventures’ profit before valuation movements | 1.2 | 0.5 | 4.8 | 2.4 |
2024 | 2023 | |
£m | £m | |
Opening balance | 5.5 | 7.9 |
Return of investment in associates* | – | (2.3) |
Dividends | (0.2) | (0.4) |
Group’s share of profit after taxation excluding valuation movement | 0.3 | 0.1 |
Net valuation movement | – | 0.2 |
Investment in associates | 5.6 | 5.5 |
Country of | |||
incorporation | 2024 % Holding | 2023 % Holding | |
NewRiver Retail (Hamilton) Limited (Hamilton) | UK | 10 | 10 |
NewRiver (Sprucefield) Limited (Sprucefield) | UK | 10 | 10 |
31 March 2024 | 31 March 2023 | |||
Total | Group’s share | Total | Group’s share | |
Consolidated balance sheet | £m | £m | £m | £m |
Non-current assets | 100.0 | 10.0 | 99.3 | 9.9 |
Current assets | 6.6 | 0.7 | 8.2 | 0.8 |
Current liabilities | (36.1) | (3.6) | (16.1) | (1.6) |
Liabilities due in more than one year | (47.4) | (4.7) | (67.8) | (6.8) |
Net assets | 23.1 | 2.4 | 23.6 | 2.3 |
Loans to associates | – | 3.2 | – | 3.2 |
Net assets adjusted for loans to associates | 23.1 | 5.6 | 23.6 | 5.5 |
2024 | 2024 | 2023 | 2023 | |
Total | Group’s share | Total | Group’s share | |
£m | £m | £m | £m | |
Revenue | 8.4 | 0.8 | 9.9 | 1.0 |
Property operating expenses | (0.4) | – | (2.4) | (0.2) |
Net property income | 8.0 | 0.8 | 7.5 | 0.8 |
Administration expenses | (0.1) | – | (0.1) | – |
Net finance costs | (4.9) | (0.5) | (3.5) | (0.4) |
3.0 | 0.3 | 3.9 | 0.4 | |
Net valuation movement | (0.4) | – | 1.7 | 0.2 |
Profit on disposal of investment property | – | – | 0.6 | – |
Taxation | (0.4) | – | (3.4) | (0.3) |
Profit after taxation | 2.2 | 0.3 | 2.8 | 0.3 |
Add back net valuation movement | 0.4 | – | (1.7) | (0.2) |
Group’s share of associates’ profit before valuation movements | 2.6 | 0.3 | 1.1 | 0.1 |
2024 | 2023 | |
£m | £m | |
Trade receivables | 1.4 | 2.6 |
Restricted monetary assets | 4.6 | 4.8 |
Service charge receivables* | 0.7 | 1.2 |
Other receivables | 1.0 | 3.8 |
Prepayments | 1.2 | 0.7 |
Accrued income | 2.5 | 1.9 |
11.4 | 15.0 |
2024 | 2023 | |
£m | £m | |
Opening loss allowance at 1 April | 3.0 | 5.2 |
Increase/(decrease) in loss allowance recognised in the consolidated statement of comprehensive income | ||
during the year in relation to tenant debtors | 0.1 | (0.2) |
Loss allowance utilisation | (1.2) | (2.0) |
Closing loss allowance at 31 March | 1.9 | 3.0 |
2024 | 2023 | |
£m | £m | |
Trade payables | 1.3 | 2.6 |
Service charge liabilities* | 7.2 | 9.8 |
Other payables | 3.1 | 1.8 |
Accruals | 9.5 | 9.0 |
Value Added Taxation | 0.3 | 0.3 |
Rent received in advance | 4.9 | 6.0 |
26.3 | 29.5 |
2024 | 2023 | |
£m | £m | |
Between three and four years | 300.0 | – |
Between four and five years | – | 300.0 |
Less unamortised fees/discount | (3.4) | (3.3) |
296.6 | 296.7 |
Unamortised | |||||
facility fees/ | |||||
Facility | Facility drawn | discount | |||
Unsecured borrowings: | Maturity date | £m | £m | £m | £m |
Revolving credit facility | November 2026 | 100.0 | – | (1.2) | (1.2) |
Corporate bond | March 2028 | 300.0 | 300.0 | (2.2) | 297.8 |
400.0 | 300.0 | (3.4) | 296.6 |
2024 | 2023 | |
£m | £m | |
Right of use asset (Investment property) | 74.9 | 75.8 |
Right of use asset (Property, plant and equipment) | 0.7 | 0.9 |
Current lease liability | 0.4 | 0.4 |
Non-current lease liability | 75.2 | 76.3 |
2024 | 2023 | |
£m | £m | |
Within one year | 0.4 | 0.4 |
Between one and two years | 0.8 | 0.8 |
In the second to fifth year inclusive | 0.6 | 0.5 |
After five years | 73.8 | 75.0 |
75.6 | 76.7 |
2024 | 2023 | |
£m | £m | |
Within one year | 2.9 | 3.0 |
One to two years | 2.9 | 3.0 |
Two to five years | 8.8 | 8.9 |
After five years | 247.8 | 253.6 |
262.4 | 268.5 | |
Effect of discounting | (186.8) | (191.8) |
Lease liability | 75.6 | 76.7 |
2024 | 2023 | |
£m | £m | |
Within one year | 47.3 | 45.6 |
Between one and two years | 41.2 | 39.5 |
In the second to fifth year inclusive | 88.3 | 79.7 |
After five years | 147.3 | 123.3 |
324.1 | 288.1 |
Number of | Total | Held by EBT | Shares in issue | ||
shares issued | Price per share | No of shares | No of shares | No of shares | |
m’s | pence | (m) | (m) | (m) | |
1 April 2022 | 310.3 | 2.1 | 308.2 | ||
Scrip dividends issued | 1.0 | 0.86 | 311.3 | 2.1 | 309.2 |
Shares issued under employee share schemes | 0.6 | – | 311.3 | 1.5 | 309.8 |
Scrip dividends issued | 0.6 | 0.78 | 311.9 | 1.5 | 310.4 |
Shares issued under employee share schemes | 0.1 | – | 311.9 | 1.4 | 310.5 |
31 March 2023 | 311.9 | 1.4 | 310.5 | ||
Scrip dividends issued | 1.0 | 0.89 | 312.9 | 1.4 | 311.5 |
Shares issued under employee share schemes | 1.2 | – | 312.9 | 0.2 | 312.7 |
Purchase of own shares | (3.4) | – | 312.9 | 3.6 | 309.3 |
Shares issued under employee share schemes | 0.3 | – | 312.9 | 3.3 | 309.6 |
Scrip dividends issued | 0.8 | 0.82 | 313.7 | 3.3 | 310.4 |
31 March 2024 | 313.7 | 3.3 | 310.4 |
Average | ||||||||
Average | Outstanding | Number | Outstanding | Number | remaining life | |||
Financial year issued | exercise price | at start of year | Granted | Exercised | Lapsed | at end of year | exercisable | (years) |
2021 | – | 2,713,864 | 130,292 | (1,064,551) | (1,422,078) | 357,527 | – | – |
2022 | – | 3,082,562 | 255,400 | – | (108,674) | 3,229,288 | – | 0.4 |
2023 | – | 2,755,100 | 228,271 | – | (55,819) | 2,927,552 | – | 1.3 |
2024 | – | – | 2,865,365 | – | (50,815) | 2,814,550 | – | 2.2 |
8,551,526 | 3,479,328 | (1,064,551) | (1,637,386) | 9,328,917 | – |
Average | ||||||||
Average | Outstanding | Outstanding | Number | remaining life | ||||
Financial year issued | exercise price | at start of year | Granted | Exercised | Cancelled | at end of year | exercisable | (years) |
2018 | – | 44,968 | – | – | – | 44,968 | – | – |
2019 | – | 116,751 | – | (62,194) | – | 54,557 | – | – |
2020 | – | 82,245 | – | (72,288) | – | 9,957 | – | – |
2021 | – | 15,891 | – | (10,594) | – | 5,297 | – | – |
2022 | – | 338,118 | 13,010 | (351,128) | – | – | – | – |
2023 | – | 640,463 | 53,050 | – | (11,094) | 682,419 | – | 0.3 |
2024 | – | – | 699,996 | – | – | 699,996 | – | 1.2 |
1,238,436 | 766,056 | (496,204) | (11,094) | 1,497,194 | – |
2024 | 2023 | |
Share price | 0.89 | 0.87 |
Exercise price | Nil | Nil |
Expected volatility | 34% | 43% |
Risk free rate | 4.980% | 1.675% |
Expected dividends* | 0% | 0% |
2024 | 2023 | |
£m | £m | |
Financial assets | ||
Financial assets at amortised cost | ||
Trade and other receivables | 7.7 | 13.4 |
Cash and cash equivalents | 132.8 | 108.6 |
Total financial assets and maximum exposure to credit risk | 140.5 | 122.0 |
Financial liabilities | ||
At amortised cost | ||
Borrowings | (296.6) | (296.7) |
Lease liabilities | (75.6) | (76.7) |
Payables and accruals | (18.1) | (20.0) |
(390.3) | (393.4) | |
(249.8) | (271.4) |
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |||
Gross | Loss | Carrying | Gross | Loss | Carrying | |||
amount | allowance | 2024 | amount | amount | allowance | 2023 | amount | |
£m | £m | % applied | £m | £m | £m | % applied | £m | |
0-30 days | 1.2 | 0.4 | 36% | 0.8 | 2.4 | 0.6 | 25% | 1.8 |
30-60 days | 0.3 | 0.1 | 33% | 0.2 | 0.1 | 0.1 | 100% | – |
60-90 days | 0.1 | 0.1 | 100% | – | 0.3 | 0.1 | 33% | 0.2 |
90-120 days | 0.3 | 0.1 | 33% | 0.2 | 0.3 | 0.1 | 33% | 0.2 |
Over 120 days | 1.4 | 1.2 | 86% | 0.2 | 2.5 | 2.1 | 84% | 0.4 |
3.3 | 1.9 | 1.4 | 5.6 | 3.0 | 2.6 |
2024 | 2023 | |
£m | £m | |
Risk level | ||
Very high | 1.4 | 2.5 |
High | 0.3 | 0.3 |
Medium | 0.4 | 0.4 |
Low | 1.2 | 2.4 |
Gross carrying amount before loss allowance | 3.3 | 5.6 |
Loss allowance | (1.9) | (3.0) |
Carrying amount | 1.4 | 2.6 |
Less than | One to | Two to | More than | ||
one year | two years | five years | five years | Total | |
Borrowings | – | – | (300.0) | – | (300.0) |
Interest on borrowings | (10.5) | (10.5) | (20.2) | – | (41.2) |
Lease liabilities | (2.9) | (2.9) | (8.8) | (247.8) | (262.4) |
Payables and accruals | (18.1) | – | – | – | (18.1) |
(31.5) | (13.4) | (329.0) | (247.8) | (621.7) | |
2023 £m | |||||
Borrowings | – | – | (300.0) | – | (300.0) |
Interest on borrowings | (10.5) | (10.5) | (30.7) | – | (51.7) |
Lease liabilities | (3.0) | (3.0) | (8.9) | (253.6) | (268.5) |
Payables and accruals | (20.0) | – | – | – | (20.0) |
(33.5) | (13.5) | (339.6) | (253.6) | (640.2) |
2024 | 2023 | |
£m | £m | |
Group’s share of net debt at beginning of year | 201.3 | 221.5 |
Cash flow | ||
Net increase in cash and cash equivalents | (24.2) | (25.8) |
Change in bank loan fees to be amortised | (0.1) | 0.9 |
Group’s share of joint ventures’ and associates’ cash flow | ||
Net decrease in cash and cash equivalents | 2.2 | 2.7 |
Bank loans repaid | (11.9) | – |
New bank loans | – | 1.9 |
Change in bank loan fees to be amortised | – | 0.1 |
Group’s share of net debt | 167.3 | 201.3 |
Being: | ||
Group borrowings | 296.6 | 296.7 |
Group’s share of joint ventures’ and associates’ borrowings | 3.9 | 15.9 |
Group cash | (132.8) | (108.6) |
Group’s share of joint venture and associate cash | (0.4) | (2.7) |
Group’s share of net debt | 167.3 | 201.3 |
2024 | 2023 | |
£m | £m | |
Borrowings | 296.6 | 296.7 |
Cash and cash equivalents | (132.8) | (108.6) |
Net debt | 163.8 | 188.1 |
Equity attributable to equity holders of the parent | 361.1 | 378.6 |
Net debt to equity ratio (‘Balance sheet gearing’) | 45.4% | 49.7% |
Share of joint ventures’ and associates’ borrowings | 3.9 | 15.9 |
Share of joint ventures’ and associates’ cash and cash equivalents | (0.4) | (2.7) |
Group’s share of net debt | 167.3 | 201.3 |
Carrying value of investment property | 533.8 | 551.5 |
Share of joint ventures’ and associates carrying value of investment properties | 10.0 | 42.1 |
Group’s share of carrying value of investment properties | 543.8 | 593.6 |
Net debt to property value ratio (‘Loan to value’) | 30.8% | 33.9% |
Lease liabilities | Borrowings | Total | |
£m | £m | £m | |
As at 1 April 2023 | 76.7 | 296.7 | 373.4 |
Decrease through financing cash flows | |||
Repayment of principal portion of lease liability | (0.4) | – | (0.4) |
Disposal | (0.7) | – | (0.7) |
Loan amortisation | – | (0.1) | (0.1) |
As at 31 March 2024 | 75.6 | 296.6 | 372.2 |
Lease liabilities | Borrowings | Total | |
£m | £m | £m | |
As at 1 April 2022 | 75.7 | 295.8 | 371.5 |
(Decrease)/Increase through financing cash flows | |||
Head office lease | 1.1 | – | 1.1 |
Repayment of principal portion of lease liability | (0.4) | – | (0.4) |
Lease modification | 0.3 | – | 0.3 |
Loan amortisation | – | 0.9 | 0.9 |
As at 31 March 2023 | 76.7 | 296.7 | 373.4 |
2024 | 2023 | |
£m | £m | |
NewRiver Retail (Napier) Limited | – | 0.2 |
NewRiver Retail (Hamilton) Limited | 0.2 | 0.2 |
NewRiver (Sprucefield) Limited | 0.2 | 0.1 |
2024 | 2023 | |
£m | £m | |
Short-term employee benefits | 2.9 | 3.1 |
Other benefits | 0.1 | 0.1 |
3.0 | 3.2 |