Urban&Civic plc (LSE: UANC) announces its unaudited results for the year ended 30 September 2020.
| Year ended 30 September 2020 |
Year ended 30 September 2019 |
|
| EPRA NAV (£m) | 499.1 | 527.5 |
| EPRA NAV per share (p) | 343.2 | 360.3 |
| Large site discount per share (p) | 142 | 135 |
| EPRA NAV + large site discount per share (p) | 485.2 | 495.3 |
| (Loss)/ profit before tax (£m) | (8.1) | 16.3 |
| Residential plot completions | 844 | 665 |
| Total shareholder return (%) | (34.1) | 7.8 |
| Dividend per share (p) | — | 3.9 |
Financial highlights
- EPRA net assets per share + large site discount (343.2p + 142p) = 485.2p at 30 September 2020: 2.0 per cent down on September 2019
- Group share of current contracted forward revenues stable at £101.6 million (30 September 2019: £101.7 million)
- Headline EPRA net asset value per share down 4.7 per cent over the year at 343.2p (30 September 2019: 360.3p), but up 2.4 per cent since March (31 March 2020: 335.1p) reflecting valuation uncertainties in light of Covid-19 crisis
- EPRA triple net asset value per share: 324.3p, down 4.5 per cent from 30 September 2019 (339.5p) and up 1.9 per cent from 31 March 2020 (318.3p)
- Large site discount at £206 million (41 per cent of EPRA NAV); or 142p per share
- Loss before tax for the year ended 30 September 2020 £8.1 million (profit for the year ended 30 September 2019 of £16.3m); fall predominantly due to property revaluations and lower land promotion and commercial property sales completions.
Operational highlights
- Recommended offer for an acquisition by Wellcome Trust; acquisition consideration represents full recognition of Urban&Civic’s unaudited EPRA NAV of 343.2p per share at 30 September 2020
- Cash offer above up to date EPRA NAV means that Urban&Civic outperformed the FTSE 350 Real Estate Index by some 70 per cent from listing up to the day of announcement
- Acquisition affords the potential for further growth via additional strategic projects and partnerships
- Large scale planning approvals secured at Manydown and key phase 1 of Waterbeach with four consecutive planning applications approved for Catesby
- Four new licences with housebuilders close to signature, including repeat contracts with existing customers
- Acceleration in aggregate spend through the pandemic underpinned by expansions in project facilities made available from Homes England; £31 million increase across four facilities
- Reservations at the five strategic sites in delivery up 29 per cent in the fourth quarter to September 2020 on pre lockdown levels
Commenting on the results, Nigel Hugill, Chief Executive, said:
The fundamental strength of the Urban & Civic model has been demonstrated through this most testing of years. Accelerated capital investment and rethought housebuyer priorities have contributed to post July sales and prices reaching best ever levels. Urban&Civic leads the way in Master Development and continues to attract material new opportunities for growth requiring additional financing to support an unambiguous net money out 5-7 years; net money back 15 + years model. The alignment with the investment horizons and community building aspirations of Wellcome is very evident. Nevertheless, the support of shareholders since listing in May 2014 has been vital to the achievement of the strong position we enjoy today.”
For further information, please contact:
Urban&Civic plc
Nigel Hugill/David Wood
+44 (0)20 7509 5555
FTI Consulting
Giles Barrie/Dido Laurimore/Eve Kirmatzis
urban&civic@fticonsulting.com