Our year in review

This year our teams significantly increased volumes, whilst increasing our independently measured build quality.



* Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures.

** Return on net operating assets (RONOA) is defined as rolling 12-month operating profit divided by the average of the opening and closing net operating assets, which is defined as net assets less net cash, excluding net taxation balances and accrued dividends.

*** Operating cash flow is defined as cash generated by operations (which is before taxes paid, interest paid and payments related to exceptional charges).

† Tangible net assets per share is defined as net assets before any accrued dividends excluding goodwill and intangible assets divided by the number of ordinary shares in issue at the end of the period.

†† Adjusted basic earnings per share represents earnings attributed to the shareholders of the parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period.

†* Net operating asset turn is defined as 12-month rolling total revenue divided by the average of opening and closing net operating assets. 

†** WIP turn is defined as total revenue divided by the average of opening and closing work in progress.

‡ Net cash / (debt) is defined as total cash less total financing.

‡‡ Cash conversion is defined as operating cash flow divided by operating profit on a rolling 12-month basis.

‡‡‡‡ Adjusted gearing is defined as adjusted net debt divided by net assets. Adjusted net debt is defined as net cash less land creditors.

Annual report downloads

Annual Report

Chair's statement

Chief Executive's letter

Investment case

Our strategy and key performance indicators

Our business model

Making a difference for our stakeholders

Group financial review

Financial statements

Group Management Team Q&A

Principal risks and uncertainties

Directors' report: governance

Remuneration report

Notice of meeting and shareholder services

Other downloads and links

Sustainability Report

Gender Pay Gap Report