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1
Key highlights & current trading Clive Fenton
Review of operations John Tonkiss
Financial results Rowan Baker
Strategic progress update Clive Fenton
2
Key highlights & current trading
3
Strong demand and demographic opportunity continues to underpin our business model
Business has demonstrated resilience and flexibility in the face of demanding conditions
4
2,302 legal completions1, in line with prior year (FY16: 2,296)
Record year for revenue at 661m, a 4% increase on prior year
(FY16: 636m)
94.1m underlying profit before tax2, in line with previous guidance
Strong financial position, with 31m of net cash (FY16: 53m) at the
year end
Proposing a final dividend of 3.6p per share, making the total
dividend for the year 5.4p per share, 20% growth on prior year (FY16:
4.5p pro-rated for period since listing)
1. Excludes three commercial units in FY16
2. Underlying operating profit (including underlying operating profit margin and underlying basic earnings per share) and underlying profit before tax are calculated by adding amortisation of brand and
exceptional administrative expenses to operating profit and profit before tax respectively
Housing market lacked momentum1
Reduction in level of residential housing transactions year-
on-year to Aug-17
Help to Buy represented c.40%-50% of new build sales for
mainstream housebuilders
Continued political and economic uncertainty resulted in a
subdued secondary market
Downward trend in new buyer enquiries and sellers more
reluctant to come to market1,3
Bank of England reported slowdown in activity, especially
in higher price brackets4
5
1 RICS September 2017 UK Residential Market Survey2 HMRC - UK Property Transaction Count August 20173 Financial Times4 Bank of England Agents summary of business conditions 2017 Q3
1.2m
1.3m
FY17
FY16
Annual UK Residential Property Transactions2
-5%
131m116m
31 Aug 2015 31 Aug 2016
Forward order book*
-11%
6452
FY16 FY17
Sales releases
-19%
A lower level of sales releases and first
occupations compared to FY16
A lower forward order book brought into the
year
6
69
49
FY16 FY17
First occupations
-29%
*Forward order book as at 31 August 2015 included revenue after cash discounts, PX top-ups and other incentives. Forward order book from the 31 August 2016, and at all subsequent dates, included revenue after cash discounts and PX top-ups
75 land exchanges (FY16: 65)
Progressed workflow to deliver medium-term growth 64 planning consents (FY16: 60)
Improved products & build efficiency
4 week reduction in build time
New on balance sheet PX sales tool
53% off-plan
Focused on operational excellence
First class build delivery
Flexible sales approach
Improved off-plan sales
Sales rates maintained
3
7
73 site starts (FY16: 54)
31m net cashMaintained robust balance sheet
Continued to deliver excellent customer satisfaction
Net reservations per active site in line with PY
3
8
New rental model
New strategic relationship with PfP Capital enabling access to
the growing rental market
126 apartments sold to PfP Capital in FY17 across 27 sites
Identified further opportunities to expand rental offering in
FY18 and beyond
New bungalow product
New bungalow range introduced delivering an alternative
product from FY18 onwards
Diversifying the business
277m
141m
250m
116m
10 November
31 August
FY17
FY18
9
YTD sales releases
FY17: 13 FY18: 17
Forward order bookContinued subdued near-term outlook within
secondary market
However, current trading remains resilient
Continued momentum in forward order book
Net reservations per active site in line with
prior year
10
We continue to make good progress with our three strategic initiatives to
create a more efficient and scalable business and drive margin
improvement:
1. Sales initiative:
Target 50% off-plan sales rates
Target reserve out within 12 months
2. Development initiative: reduce the average time taken between
securing land and build start (target 16 months)
3. Build initiative: accelerate build timescales and reduce build costs
11
Progress
50% 50% 53%
25%
30%
35%
40%
45%
50%
55%
FY15 FY16 FY17
Off-plan reservations
Sales initiative update
Off-plan reservation rate increased to 53% in FY17 (FY16: 50%)
Average time to sell out slightly lengthened to 19 months due to
selling out of older sites
Sales and marketing highlights
Website improvement and repositioned product branding
Relationship Management teams in place in all regions
More flexible usage of part-exchange
Outsourced call handling now fully embedded
New national training academy
CRM system upgrade project commenced
New brand campaign commencing January 2018, including
TV advertising
38
months 31
months18
months
19
months
FY14 FY15 FY16 FY17
Average months to sell out (sold out sites in year)
12
73%
20%
7%
Non PX trans 3rd party PX providers In-house PX
13
Part-exchange (PX) usage
Challenging secondary market required increased volume of PX
transactions in FY17 (FY17: 27% of legal completions, FY16: 21%
of legal completions)
Actions taken to reduce the cost impact of higher PX usage
More consistent use of PX throughout the year
Improved terms agreed with third party PX providers with an
estimated saving of c.1m
Successful pilot of on-balance-sheet PX tool
o Strict criteria and controls applied
o 163 transactions (7%) utilised on balance sheet PX
o Properties resold on average c.8.5 weeks post buy-in in
FY17
o Achieved c.1.2m saving compared to third party PX
Contributed to the decrease in incentives from 7% in H1 FY17 to
6% in H2 FY17
7%6%
H1 FY17 H2 FY17
Total incentives as % of list price
FY17 BuildStarts
FY16 BuildStarts
FY15 BuildStarts
FY14 BuildStarts
Land exchange to build start
Average c.25 months
Target 16 months
Average c.23 months
Average c.19 months
Average c.18 months
Development initiative update
Average reduction of 4 weeks1 between land exchange and build start
achieved in FY17, reducing the average time to c.18 months (78 weeks)
(FY16: c.19 months / 82 weeks)
Increased product standardisation
Improved product specification and efficiency
Significant makeover to bathroom and kitchen designs
Bistro Concept introduced in Retirement Living Plus, increasing
saleable floor area, reducing cost and improving customer
experience
Heating solutions improved to deliver further cost efficiency and meet
our customers needs
Modernised remote monitoring system
Continued development of industry leading product management platform
DATUM
Commenced roll out across all regions of new construction estimating tool
(Bidcon)1 Standard sites only
14
15 Quality awards
7 Seals of Excellence
1 Regional winner
Build initiative update
Average reduction of 4 weeks in build time achieved in FY17,
reducing the average to c.62 weeks (FY16: c.66 weeks)
Use of non-traditional build techniques, instead of traditional brick
and block, contributed to improvement:
Porotherm blocks
Lightweight steel frame
Timber frame
Strategic
initiative
69weeks
66weeks
62weeks
FY15 FY16 FY17
10% reduction
15
c.33% of FY17 build starts
NHBC Pride in
the Job awards
Build cost inflation of c.3-4% experienced in FY17 and expected to continue at similar levels in FY18
Material spend
Total rebates of c.3.0m invoiced in FY17 (FY16: 1.8m)
22 procurement tenders completed, identifying saving
opportunities of 127k per development
Labour
Skilled labour resourcing remains challenging
Currency
Minimal currency exposure on material costs, with a
maximum exposure of 3% cost increase
66% of annual material spend covered by fixed pricing
agreements to July 2018
16
Underpin our growth and returns by:
Securing profitable new land opportunities
Continuing to improve our sales capability
Further improvements to our 5 customer
experience
Enhancing margins and working capital cycle via
our continued focus on three strategic initiatives
17Positioning the business to deliver its strategic growth objectives
18
Key financial metrics FY17 FY16 Change
Legal completions1 2,302 2,296 +0%
Average selling price2 273k 264k +3%
Revenue 660.9m 635.9m +4%
Gross profit 130.7m 136.4m (5.7)m
Gross profit margin 19.8% 21.4% (2ppts)
Underlying operating profit3 96.2m 107.2m (11.0)m
Underlying operating profit margin3 14.6% 16.9% (2ppts)
Underlying profit before tax3 94.1m 105.0m (10.9)m
Statutory profit before tax 92.1m 92.9m (0.8)m
Underlying basic earnings per share3 14.2p 16.1p (1.9)p
1. Excludes three commercial units in FY16
2. Average selling price is calculated as average list price less cash discounts and PX top-ups.
3. Underlying operating profit (including underlying operating profit margin and underlying basic earnings per share) and underlying profit before tax are calculated by adding amortisation of brand and exceptional administrative
expenses to operating profit and profit before tax respectively
Improved average selling price of
273k (2016: 264k), driven by
favourable first occupation locations
Revenue increased by 4% to 660.9m
a new record
Reduction in margin percentage mainly
driven by age mix of stock sold and
increased incentive costs
Strong recovery in underlying operating
margin in H2 (+700 bps)
19
Key financial metrics FY17 FY16 Change
Return on capital employed1 (ROCE) 16% 20% (4ppts)
Capital turn 1.1x 1.2x (0.1x)
Net cash 30.7m 52.8m (22.1)m
Tangible gross asset value (TGAV) 646m 574m +72m
Total dividend per share 5.4p 4.5p 0.9p
ROCE variance driven by lower operating
profit and continued investment in land,
build and operational infrastructure
Continued robust net cash position
Proposing a final dividend of 3.6p per share
(FY16 3.5p), giving a total dividend for the
year of 5.4p
20
1. Return on capital employed (ROCE) is calculated by dividing underlying operating profit for the previous 12 months by the average tangible gross asset value at the beginning and end of the 12 month period. Tangible gross
asset value is calculated as net assets excluding goodwill and intangible assets, excluding net cash
Sales mix deterioration driven by the age
profile and regional mix of legal completions
Pricing improvement offset by build cost
inflation and increased discount and
incentive costs
Higher discounts and incentives at 6.1%
(FY16: 5.6%) due to more challenging
secondary market
3 additional land aborts in comparison to
FY16
Continued investment in regional operational
infrastructure to support growth activity
16.9%
14.6%
3.0%
1.0%
2.6%
0.5%0.3%
0.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
FY16 underlyingoperating
margin
Sales mix ASP increase Build costinflation
Incentive costs Land abort costs Other incl.operational
infrastructure
FY17 underlyingoperating
margin
21
51%
49%
FY17
60%
40%
FY16
CY firstoccupations
PY & earlier firstoccupations
Negative sales mix margin variance of 1% driven by:
Higher proportion of legal completions from older stock in FY17 driven by a lower level of first occupation sites
Reduction in legal completions in the South East area22
69 first occupations 49 first occupations
1,802 1,727
494 449
126
FY16 FY17
Legal completions
Rest of UK Places for People South East
m 31 August
2017
31 August
2016
m m
Goodwill and intangible assets 69.3 71.3
Fixed assets & investments 3.0 3.5
Land 148.6 236.5
Land creditors (67.4) (49.3)
Sites in the course of construction 341.2 201.0
Finished stock 238.7 248.3
PX properties 31.9 0.0
Total net stock 693.0 636.5
Net cash 30.7 52.8
Other net assets / liabilities (50.3) (66.0)
Net assets 745.7 698.1
Total land bank of 9,967 plots (FY16: 10,186)
Significant increase in WIP with 73 site starts during
the year in preparation for growth (FY16: 54)
Reduction in land value reflects decision to halt
build starts at the end of FY16 following the EU
Referendum
FY17 lower level of first occupations evident in
finished stock
On-balance sheet PX
114 properties total value of 31.9m
Of which only 13 properties are yet to be
resold
FY17 properties resold on average c.8.5
weeks post buy-in in FY17
23
-37%
+70%
+37%
-4%
n/a
+9%
52.8m
620.9m
11.3m30.7m
156.2m
316.2m
132.8m
20.4m 28.5m
0
100
200
300
400
500
600
700
800
Opening netcash
Net revenue Land spend Build spend Operatingcosts &
overheads
Tax & interest Promissorynote debtreduction
Dividends paid Closing netcash
24
Total land & build
spend 472m
Priorities
Continue to invest for growth
Significant progress towards 2.5bn investment
target, with 472m invested in FY17
> 600m expected investment in land and build in
FY18
Pay a sustainable dividend
Progressive dividend policy to be maintained
Interim dividend and final dividend payment
expected to be split approximately one-third and
two-thirds
Maintain strong balance sheet
25
Leasehold consultation still ongoing
McCarthy & Stone ground rents key points
No leasehold housing
Ground rents set at a reasonable level (c.0.14% of ASP)
15 year reviews linked to higher of 2% or RPI - no punitive doubling clauses
Possible impact
FRI income expected to remain at a similar level to FY17, increasing slightly with volumes
(FY17: 29m)
13.4m deferred FRI income held on balance sheet at 31 August 2017
Possible reduction to FY18 PBT of 5% if ground rents reduced to 0.1% of ASP
Mitigation strategies to be employed include
Land price renegotiation
S.106 cost renegotiation
Review pricing
Management fee review26
19
30
H1 FY17 H2 FY17
First occupations
(actual)
c.14
c.51
H1 FY18 E H2 FY18 E
First occupations
(current forecast)
FY18 out-turn expected in line with the current range of analyst forecasts
FY18 out-turn expected in line with the current range of
analyst forecasts
More than 65 first occupations expected in FY18
(FY17: 49)
First occupations heavily weighted to H2 FY18 due to
timing of build programmes
H1/H2 PBT split expectation of 20%-25% delivered in
H1 with H1 period end net debt at c.100m level
All FY18 first occupation sites now under construction
Timing of first occupations influences legal completions
growth in FY18
27
*
*
* First occupation defined as the date of the first legal completion within a given development
28
Demand &
demographic
opportunity
29
Demand & demographic opportunity
Quality Land bank at attractive margins
Robust capital structure Market-leading
brand
Demand & demographic opportunity
Operational capability
in place
o
o
o
o
o
o
o
o
Significant step up in build activity with c. 2,700 (43% increase) plots under construction at the year end
4,843 4,842
1,948 1,287
1,883 2,699
1,512 1,139
31-Aug-16 31-Aug-17
Landbank - plots
Controlled land Owned land Sites under construction Finished stock
+43% plots under construction
30
Total 10,186 Total 9,967
54
73>70
>80>85
FY16 FY17 FY18 E FY19 E FY20 E
Site Starts
69
49
>65>70
>75
FY16 FY17 FY18 E FY19 E FY20 E
First Occupations
64
52
c.80>75
>80
FY16 FY17 FY18 E FY19 E FY20 E
Sales Releases
Workflow on track to support the legal completions
growth trajectory
Increase in level of site starts in FY17 is a strong indicator of future growth
Workflow and build programmes on track for delivery of medium-term targets
First occupations growth underpins volume trajectory
31
FY18 E first occupations FY19 E first occupations
c.80 FY18 sales releases currently on track - 17
sites already sales released
96% of sites are under construction
Sales releases split evenly between H1 and H2
FY18
c.34% of FY18 sales releases first occupy in FY19,
contributing to FY19 growth
17 sales releases successfully launched to date
>40 sales releases expected by H1
32
55%45%
Construction status
Site started Not yet started
Workflow on track to deliver >70 first occupations in FY19
All planning applications submitted 52 sites have achieved planning
40 sites already under construction
Improved phasing of build programme between H1 and H2 expected
71%
29%
Planning status
Planning consents achieved Planning applications submitted
33
Quality land bank in place to support growth in
both average selling price and site margin
through to FY20
Improved average selling price in excess of
300k and average site margin in excess of 25%
embedded within the new sites across all 3 years
Land bank evenly balanced across all regions
Product mix in land bank remains in line with
previous guidance
Improved pricing and margins embedded within current land bank
Operating margin will improve as land bank unwinds and sales volumes increase
Note:
Average site margin stated at development level excluding any allocation of variable costs
ASP represents development average selling price
Direct comparison with basis of calculation used in H1 2017 presentation shown in Appendix (slide 51)
34
Average ASP>260k Average ASP
>285k
Average ASP>240k Average ASP
>290k Average ASP>290k Average ASP
>290k
Average ASP>280k
Average ASP>300k Average ASP
>300k Average ASP>300k
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY17 FY18 E FY19 E FY20 E
Per
cen
tage
of l
egal
co
mp
leti
on
s
Margin 25%
35
To support delivery of Groups strategic growth objective,
our existing nine regions will be clustered into three
divisions:
South division
Central division
North division
Central division launched and appointments complete
North and South divisions to be implemented in H1 FY18
All recruitment expected to be internally resourced
126 apartments sold in FY17
Forward sales agreed on 56 units
Exploring an alternative offering for
capital challenged customers in H2
On going discussions to agree
development scope and specification
Delivery expected over the medium-term
17% of older people would rent a property equivalent to
c.2 million people1
New strategic relationship established with PfP Capital to
diversify and access the growing rental market across three
separate offerings
1 Source: Strutt & Parker, 2017
36
Potential to improve capital turn
Enable land investment in new locations
Management services business key attraction for our
partner
Declining supply with only 2,210 new bungalow homes
registered in 2016 in comparison to 26,408 in 19861
Shortage of supply means bungalow range likely to attract
high level of demand
Opens up new land opportunities and enables development
potential to be maximised
222 units across 13 sites now in land bank 6 sites have
achieved planning consent
Construction commenced at two bungalow sites in
Wymondham (Norfolk) and Buntingford (Hertfordshire)
1 Source: NHBC new home statistics review 2016
37
McCarthy & Stone uniquely placed to capitalise on strong demand and demographic opportunity
Continuing to build momentum in forward order book
Build programmes on track for delivery of medium term targets
Quality land bank in place at attractive margins
Operational capability in place to deliver 3,000 to 4,000 units per annum
Robust capital structure with continued focus on careful cash management
Increase returns by targeting improvements to margins and working capital cycle via our three
strategic initiatives
Opportunity identified to deliver further growth, increase returns and improve resilience via
diversification into rental market and introduction of new products
FY18 out-turn expected in line with the current range of analyst forecasts
38
39
6 March 2018 Half year trading update
11 April 2018 Half year results announcement
4 July 2018 Trading update
6 September 2018 Full year trading update
13 November 2018 Full year results announcement
Other key dates
24 January 2018 AGM
28 February 2018 Half year close
31 August 2018 Year end40
41
For the year ended 31st August 2017
42
2017 2016
m m
Continuing operations
Revenue 660.9 635.9
Cost of sales (530.2) (499.5)
Gross profit 130.7 136.4
Other operating income 8.9 8.5
Administrative expenses (38.8) (44.7)
Other operating expenses (6.6) (5.1)
Operating profit 94.2 95.1
Amortisation (2.0) (2.1)
Exceptional administrative expenses - (10.0)
Underlying operating profit1
96.2 107.2
Underlying operating profit margin 14.6% 16.9%
Finance income 1.6 2.7
Finance expense (3.7) (4.9)
Profit before tax 92.1 92.9
Income tax expense (17.7) (19.4)
Profit for the year from continuing operations and total comprehensive income 74.4 73.5
Profit attributable to:
Owners of the Company 74.2 73.1
Non-controlling interest 0.2 0.4
74.4 73.5
As at 31st August 2017
43
2017 2016
m m
Assets
Non-current assets
Goodwill 41.7 41.7
Intangible assets 27.6 29.6
Property, plant & equipment 2.4 2.9
0.4 0.4
Investment properties 0.2 0.2
Trade and other receivables 32.1 32.7
Total non-current assets 104.4 107.5
Current assets
Inventories 760.4 685.8
Trade and other receivables 9.5 7.5
Cash and cash equivalents 40.7 119.0
Total current assets 810.6 812.3
Total assets 915.0 919.8
Equity and liabilities
Capital and Reserves
Share capital 43.0 43.0
Share premium 101.6 100.8
Retained earnings 600.1 553.5
Equity attributable to owners of the Company 744.7 697.3
Non-controlling interests 1.0 0.8
Total equity 745.7 698.1
Current liabilities
Trade and other payables 85.4 98.7
UK corporation tax 6.7 8.4
Short-term borrowings - 11.3
Land payables 67.4 49.3
Total current liabilities 159.5 167.7
Non-current liabilities
Long-term borrowings 8.0 52.5
Deferred tax liability 1.8 1.5
Total liabilities 169.3 221.7
Total equity and liabilities 915.0 919.8
Investments in joint ventures
For the year ended 31st August 2017
44
2017 2016
m m
Net cash (outflow) / inflow from operating activities (3.8) 18.3
Investing activities
Purchases of property, plant and equipment (0.7) (1.5)
Purchases of intangible assets (0.4) (0.4)
Proceeds from sale of property, plant and equipment 0.1 0.1
Net cash used in investing activities (1.0) (1.8)
Financing activities
Proceeds from issue of share capital - 86.0
Repayment of long-term borrowings (45.0) (35.0)
Dividend paid (28.5) (5.4)
Net cash (used in) / from financing activities (73.5) 45.6
Net (decrease) / increase in cash and cash equivalents (78.3) 62.1
Cash and cash equivalents at beginning of year 119.0 56.9
Cash and cash equivalents at end of year 40.7 119.0
45Sources: (1) ONS population projections (2017), (2) ONS total housing wealth by region and age group (2013) (3) YouGov research provided for McCarthy & Stone (2017) (4) EAC data based on owner-occupied retirement housing
(2017) (5) ONS population projections (2016-based)
With a 47% predicted increase in those aged 65 or over by 20375
Supporting 14,600 homeowners across 312
developments as at 31 August 2017 (FY16: 264)
Services delivered:
c.25,000* hours of care and support per month
c.60,500 meals per month
98% Good rating in CQC Retirement Living Plus
inspections
Strong focus on improving efficiencies and
maintaining quality
46
Our distinctive management services capability provides a platform to support business growth and
leverage our service offering across all of our products
* Including additional and standard hours
Three core products delivered to the same outstanding
quality and target return metrics
Independence with peace of mind Downsize for the leisure yearsA retirement apartment you own
with flexible care and support
Minimum age 60
Typical number of apartments per site 30-50
FY17 completions 1,722
FY17 % land bank 57%
Minimum age 70
Typical number of apartments per site 50-70
FY17 completions 479
FY17 % land bank 36%
Minimum age 55
Typical number of apartments per site 20-40
FY17 completions 101
FY17 % land bank 7%
Source: Annual Report
47
Lifestyle living
Late middle-age living
for the fully independent
Retirement Living Plus
For those in need of
increased support
Retirement Living
For the physically
independent
Other retirement
housebuilders
Lack scale, national
coverage and more limited
access to financing
Rental
market
Retirement village
market
Not prevalent in the UK UK predominantly an
owner-occupied market
Generalist
housebuilder
Residential
full-time
Nursing/
Care Homes
Lack intellectual
capital and appetite
Fundamentally
different business
model
48
Sales
process
Previously entered
retirement housing
market1
Currently operating in
retirement housing
market1
1
1. Previous entry or current entry refers to significant retirement housing operations
49
50
Note:
The above shows the same data sources as on slide 34 showing the average ASP and margin by first occupation year
This is comparable to the basis used in our half year presentation in April 2017
Average site margin stated at development level excluding any allocation of variable costs
ASP represents development average selling price51
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY17 legal completions FY18 E legal completions FY19 E legal completions FY20 E legal completions
Per
cen
tage
of
lega
l co
mp
leti
on
s
Pre FY17 first occupations FY17 first occupations FY18 first occupations FY19 first occupations FY20 first occupations
ASP >290k
Site margin >25%
ASP >245k
Site margin 300k
Site margin >25%
ASP >300k
Site margin >25%
ASP >300k
Site margin >25%
ASP >290k
Site margin >25%
ASP >280k
Site margin 300k
Site margin >25%
ASP >300k
Site margin >25%
*Site profit margin percentage52
-
2,000
4,000
6,000
8,000
10,000
12,000
Low marginstock 25%*
Work inprogress >25%*
Owned >25%* Total owned Exchanged withPlanning >25%*
Exchanged>25%*
Total
Sites Units Sites Units
Owned sites
Land held for development 45 1,948 30 1,287
With detailed planning consent 28 1,217 29 1,257
Awaiting detailed planning consent 17 731 1 30
Sites in the course of construction1
49 1,883 64 2,699
Pre sales releases 36 1,405 49 2,017
Post sales release 13 478 15 682
Finished stock 104 1,512 107 1,139
Total owned sites 198 5,343 201 5,125
Exchanged sites
With detailed planning consent 28 1,109 26 908
Awaiting detailed planning consent 100 3,734 93 3,934
Total exchanged sites 128 4,843 119 4,842
Total land bank 326 10,186 320 9,967
Terms agreed, awaiting exchange 42 1,712 28 1,355
Total 368 11,898 348 11,322
Workflow milestones
Sites Units Sites Units
Land exchanges 65 2,614 75 3,164
Planning consents 60 2,449 64 2,473
Land completions 63 2,579 58 2,372
Build starts 42 1,638 66 2,784
Sales releases 64 2,425 52 2,127
First occupations 69 2,591 49 1,925
Inventory holding (m)
FY16 FY17
Land held for development 236.5 148.6
Sites in the course of construction 201.0 341.2
Finished stock 248.3 238.7
Part-exchange properties 0.0 31.9
Total 685.8 760.4
Legal completions (unit numbers) FY16 FY17
Current year first occupations 1,370 1173
Prior year first occupations and earlier 926 1129
Total 2,296 2,302
1 Does not include sites under construction at the pre-foundation stage.
2017
2016 2017
2016
53
Places for People is one of the largest property and leisure management, development and regeneration companies in the UK. They have assets of 3.7 billion and own or manage 182,725 homes.
PfP Capital is the fund management business of Places for People
PfP Capital aims to grow its assets under management from 150m to 750m by 2021
PfP Capital has successfully launched its first fund, a PRS vehicle
The PRS Fund benefits from a seed portfolio from Places for People consisting of high-quality, UK-wide PRS assets valued at c.150m
The acquisition from McCarthy and Stone will form a seed portfolio for a separate fund, to date totalling 126 apartments across 27 sites sold to PfPCapital in FY17
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Februarys Housing White Paper contained a number of positive proposals for
our business:
A general commitment to explore ways to stimulate the market to
deliver new homes for older people recognising that this sector is
worth supporting
A new statutory duty on the DCLG Secretary of State to produce
guidance for local authorities on meeting the housing needs of older
people. We expect this to be published by the summer
For the first time, it is now official Government policy to look at
incentives to help older homeowners move.
Other positive measures included:
Clear drive to support housebuilding
Strengthening the presumption in favour of developing brownfield land
Greater support for small windfall sites
Support for higher density development in urban locations well-served by
public transport
More pressure on local authorities to meet their
housing targets.
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