Strong growth

Significant opportunity for multi-year double digit growth from new and existing regions in the UK market

Our approach

  • Growth in sites under construction and open sales outlets
  • Accelerated build from mixed-tenure delivery
  • Private selling prices set to target areas of strongest demand
  • Business development solely focused on Partnerships
  • Revenue growth from increased volume

2021 highlights

  • 44% of completions from private homes
  • Private ASP to £380,000 as a result of some house price inflation within both the Partnerships and Legacy Operations business
  • Growth in the new South Midlands and Yorkshire regions, contributing 710 units
  • Conclusion of strategic review with 100% of new business development on Partnerships


  • Sustainable growth as new regions announced in 2020 and in the Home Counties develop to maturity
  • Focus on the continued growth in sales outlets
  • Continue to focus product on areas of strongest demand
  • Manage sales values to maintain affordability
  • Target net reservation rate between 0.6 and 0.8
  • Flex the tenure mix depending on levels of demand



average open outlets during 2021



net reservation rate within our target range





Attractive returns

High ROCE can be generated from our capital-efficient mixed-tenure strategy and efficient development approach 

Our approach

  • Focus on improving operating
    margin over the medium term
  • Improved operational
    efficiency from greater scale
  • Use of modular panel
    construction to increase
    asset turn
  • Lower capital model to
    deliver higher returns
  • Agile model allows
    flexibility through the
    cycle, protecting returns

2021 highlights

  • Adjusted operating margin increased by 550bps to 11.0% reflecting changing mix of business and recovery from Covid-19
  • 1,150bps increase in ROCE reflecting the recovery from the Covid impact in the prior year
  • Commitment to return £450m of cash from legacy operations to shareholders via share buyback programme


  • 100% Partnerships focus
  • Return to target operating margins across the Group
  • Improve operational efficiency through greater scale
  • Maintain capital discipline to drive ROCE improvement
  • Investment in growth while managing gearing levels
  • Maintain a conservative approach to net debt and invest in Partnerships growth. Reinvestment to take precedence over shareholder returns



Operating profit



Adjusted operating profit



Return on capital employed


Positive social impact

Our focus is on affordable homes to buy or rent and the creation of mixed and balanced communities – places people love

Our approach

  • Mixed-tenure development,
    with private, PRS and
    affordable homes
  • Experts at regeneration
    and working closely
    with communities
  • New developments created
    with our placemaking
    expertise focused on
    long-term positive outcomes

2021 highlights

  • Measured social impact on all
    our developments
  • £1m Communities Fund into
    second year
  • £243m of social value
    generated, equivalent to 16%
    of adjusted revenue
  • Launched our new Building
    Communities strategy


  • Grow the Partnerships
    pipeline of future work
  • Continue to focus on
    mixed-tenure developments
  • Continue measuring social
    impact of our developments
  • Communities Fund retained
    for another year



of home were affordable or PRS



of social value generated



NHBC recommended a friend score


Unceasing focus on sustainability

We re-use land whenever possible, and build high‑quality low-maintenance homes in the most sustainable way, leveraging our significant investment in MMC

Our approach

  • Record of incremental
    environmental impact reduction
    and social value generation
  • Strong culture of ethical and
    responsible decision making

2021 highlights

  • Launched new approach
    to sustainability
  • Set science-based targets
  • Launched pathway to net
    zero report
  • Made further progress
    in modular construction


  • Committed to Task Force on Climate-related Financial Disclosures disclosure by 2022
  • Report the changes needed in
    the regulatory environment to
    the Sustainability Committee,
    particularly the use renewable
    heating systems in homes and
    net biodiversity gains on sites
  • Continued investment in
    modern methods of
    construction including
    modular panel capabilities



development built on brownfield land



site waste diverted from landfill



plots owned and with planning


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