Half Yearly Report 2008

Half Yearly financial results for the
six months to 30 September 2008

Results Summary

  30 Sept 2008 31 March 2008 Change
Valuation deficit * (£1,723.1m)  N/A Down 12.7%
Basic NAV 1660p 2067p Down 19.7%
Adjusted diluted NAV ** 1552p 1956p Down 20.7%
Adjusted Gearing *** 84.4% 67.7% N/A
  Six months ended
30 September 2008
Six months ended
30 September 2007
Pre-tax (loss) / profit **** (£1,737.2m) £365.2m N/A
Revenue profit £195.8m £172.8m Up 13.3%
Basic EPS (375.10p) 76.43p N/A
Adjusted diluted EPS 41.83p 36.46p Up 14.7%
Dividend 33.00p 32.00p Up 3.1%

*Excludes Trillium investment properties **Our key valuation measure ***Including notional share of joint venture debt ****Includes revaluation deficit, profits/loss on disposals and goodwill impairment


  • Good underlying performance with growth in revenue profit of 13.3%
  • 1.1 million sq ft of development space completed and 92% let
  • £181.5m of property investment sales at 1.7% above March 2008 valuation (before disposal costs)
  • Group net debt down by £175.1m but impact of falling property values saw debt ratios increase
    • Loan-to-Value stands at 43.5% for the Group or 45.4% overall including joint ventures
  • Resilience of income with vacancy rates across the like-for-like investment portfolio, excluding development pipeline properties, up slightly to 4.0% (3.4% at March 2008)
  • Limited exposure in short-term to breaks in income
  • Ungeared total return 2.4% below IPD benchmark largely as a result of greater adverse yield shift