DOCSLIB.ORG

Annual Report and Accounts 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

bovishomesgroup.co.uk Bovis Homes Group PLC Annual report and accounts Bovis Homes Group PLC, The Manor House, North Ash Road, New Ash Green, Longfield, Kent DA3 8HQ. www.bovishomesgroup.co.uk 2016 Designed and produced by the Bovis Homes Graphic Design Department. Printed by Tewkesbury Printing Company Limited accredited with ISO 14001 Environmental Certification. Printed using bio inks formulated from sustainable raw materials. Printed on Cocoon 50:50 silk a recycled paper containing 50% recycled waste and 50% virgin fibre and manufactured at a mill certified with ISO 14001 environmental management standard. The pulp used in this product is bleached using an Elemental Chlorine Free process (ECF). When you have finished with this pack please recycle it. Annual report and accounts 2016 Bovis Homes Group PLC When you have finished with this pack please recycle it. Annual report and accounts Strategic report Business overview 4 2 2016 highlights Chairman’s statement A review of our business 4 Chairman’s statement model, strategy and Ian Tyler discusses how the 6 What we do summary financial and Group is well placed for 7 Reasons to invest operational performance the future 10 Housing market overview Our business and strategy 12 Interim Chief Executive’s report 18 Our business model 20 Strategic priorities 26 Principal risks and uncertainties 30 Risk management 12 Corporate social responsibility Interim Chief Executive’s report 32 Our CSR priorities Earl Sibley provides an overview of the year and Our financial performance discusses the plans ahead 46 Financial review Our governance 48 Directors and officers 51 Corporate governance report Detailed discussion of our 59 Remuneration report governance framework and 81 Audit Committee report remuneration policy 86 Nomination Committee report 88 Directors’ report 94 Auditor’s report 46 Financial review 101 Group income statement Financial Earl Sibley reports on the 101 Group statement of financial performance for statements comprehensive income the year Financial statements 102 Balance sheets - and notes Group and Company 103 Group statement of changes in equity 104 Statement of cash flows - Group and Company 105 Notes to the financial statements 131 Five year record Supplementary 132 2017 AGM Notice 136 Explanatory notes to the information AGM Notice 139 Shareholder information 140 Principal offices Contents 2016 highlights Financial highlights 11% s in revenues 6% s in net assets per share 13% s in dividends to 757p Revenue (£m) Profit before tax (£m) Active sales outlets Private reservations £1,054.8m £154.7m 99 2,960 (excluding PRS) 1054.80 160.100 101.999999 2986.0 8 99 97 102 843.84 54. 160.1 0 90 120.075 76.499999 2239.5 2,986 2,960 154.7 , 82 2,773 1 946.5 2,709 632.88 133.5 809.4 80.050 50.999999 1493.0 421.92 1,873 556.0 40.025 78.8 25.500000 746.5 210.96 425.5 53.2 0.00 0.000 0.000000 0.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Gross margin (%) Operating margin (%) Average sales price (£) Legal completions 22.3% 15.2% £254,900 3,977 24.500 17.300 254899.996470 3934.0 17.3 24.4 24.5 17.0 3,977 23.4 2950.5 3,934 12.975 4,900 18.375 22.8 191174.997352 22.3 5 15.2 3,635 14.9 2 13.3 231,600 12.250 8.650 127449.998235 1967.0 216,600 2,813 195,100 2,355 170,700 6.125 4.325 63724.999117 983.5 Business overview | 0.000 0.000 0.000000 0.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 ROCE (%) Earnings per share (p) Consented land bank Strategic land bank 17.0% 90.1p 18,704 plots 25,494 plots 18.300 95.40 19814.0 25494.0 4 0 95.4 18.3 13.725 71.55 90.1 14860.5 19120.5 17.0 19,814 16.2 25,494 18,7 78.6 18,062 23,083 9.150 47.70 9907.0 12747.0 21,350 20,108 19,318 14,638 13,776 10.6 8.0 4.575 23.85 44.9 4953.5 6373.5 30.2 0.000 0.00 0.0 0.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Strategic report 2 | Annual report and accounts | Strategic report | Business overview The Group’s fundamentals remain strong Operational highlights 10% s increase in average 4% s private sales per active selling price sales outlet per week to 0.58 RevenueRevenue (£m) (£m) Profit beforeProfit taxbefore (£m) tax (£m) Active salesActive outlets sales outlets Private reservationsPrivate reservations £1,054£1.,80m54.8m £154.£71m54.7m 99 99 2,9602 ,(excluding960 (excluding PRS) PRS) 1054.80 1054.80 160.100 160.100 101.999999101.999999 2986.0 2986.0 8 8 99 99 97 97 102 102 843.84 843.84 54. 54. 160.1 160.1 0 0 90 90 120.075 120.075 76.499999 76.499999 2239.5 2239.5 2,986 2,986 2,960 2,960 154.7 154.7 , , 82 82 2,773 2,773 1 1 946.5 946.5 2,709 2,709 632.88 632.88 133.5 133.5 809.4 809.4 80.050 80.050 50.999999 50.999999 1493.0 1493.0 421.92 421.92 1,873 1,873 556.0 556.0 40.025 40.025 78.8 78.8 25.500000 25.500000 746.5 746.5 210.96 210.96 425.5 425.5 53.2 53.2 0.00 0.00 0.000 0.000 0.000000 0.000000 0.0 0.0 2012 20132012 20142013 20152014 20162015 2016 2012 2013201220142013 2015201420162015 2016 2012 20132012 20142013 20152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 Gross marginGross margin(%) (%) OperatingOperating margin margin(%) (%) AverageAverage sales price sales (£) price (£) Legal completionsLegal completions 22.3%22.3% 15.2%15.2% £254,900£254,900 3,9773 ,977 24.500 24.500 17.300 17.300 254899.996470254899.996470 3934.0 3934.0 17.3 17.3 24.4 24.5 24.4 24.5 17.0 17.0 3,977 3,977 23.4 23.4 2950.5 2950.5 3,934 3,934 12.975 12.975 4,900 4,900 18.375 18.37522.8 22.8 191174.997352191174.997352 22.3 22.3 5 5 15.2 15.2 3,635 3,635 14.9 14.9 2 2 13.3 13.3 231,600 231,600 12.250 12.250 8.650 8.650 127449.998235127449.998235 1967.0 1967.0 216,600 216,600 2,813 2,813 195,100 195,100 2,355 2,355 170,700 170,700 6.125 6.125 4.325 4.325 63724.99911763724.999117 983.5 983.5 0.000 0.000 0.000 0.000 0.000000 0.000000 0.0 0.0 2012 20132012 2014201320152014 20162015 2016 2012 20132012 201420132015 2014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 ROCE (%ROCE) (%) EarningsEarnings per share per (p) share (p) ConsentedConsented land bank land bank StrategicStrategic land bank land bank 17.0%17.0% 90.1p90.1p 18,70184 plots,704 plots 25,49425 ,494plots plots 18.300 18.300 95.40 95.40 19814.0 19814.0 25494.0 25494.0 4 4 0 0 95.4 95.4 18.3 18.3 13.725 13.725 71.55 71.55 90.1 90.1 14860.5 14860.5 19120.5 19120.5 17.0 17.0 19,814 19,814 16.2 16.2 25,494 25,494 18,7 18,7 78.6 78.6 18,062 18,062 23,083 23,083 9.150 9.150 47.70 47.70 9907.0 9907.0 12747.0 12747.0 21,350 21,350 20,108 20,108 19,318 19,318 14,638 14,638 13,776 13,776 10.6 10.6 8.0 8.0 4.575 4.575 23.85 23.85 44.9 44.9 4953.5 4953.5 6373.5 6373.5 30.2 30.2 0.000 0.000 0.00 0.00 0.0 0.0 0.0 0.0 2012 20132012 2014201320152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 Bovis Homes Group PLC | 3 Chairman’s statement The housing market The Board closely monitors UK housing market conditions as we progress through the cycle. We believe that the key factors which supported the positive market conditions in 2016 remain in place for 2017. The fundamental lack of supply in the UK housing market and the current strong demand from customers together provide a robust footing for the business. The positive Government support for house building was reconfirmed in the recent Housing White Paper. In particular the residential planning regime is ensuring that land supply to the market is ahead of production rates and the Help to Buy scheme provides Ian Tyler confidence for our customers to invest in new homes. Chairman We paused our land investment around the time of the EU referendum vote but have subsequently continued to 2016 was a difficult year for Bovis Homes with operational invest in land in a disciplined manner to take advantage of challenges following a period of ambitious growth.
Recommended publications
  • MI Downing Monthly Income Fund Market Commentary July 2017 in June, the MSCI UK All Cap Total Return Index Fell 2.57% While the Fund Fell 2.34%

    MI Downing Monthly Income Fund Market Commentary July 2017 in June, the MSCI UK All Cap Total Return Index Fell 2.57% While the Fund Fell 2.34%

    MI Downing Monthly Income Fund Market commentary July 2017 In June, the MSCI UK All Cap Total Return Index fell 2.57% while the Fund fell 2.34%. Key contributors to the portfolio throughout the month were Sprue Aegis (up 16.47%), Polar Capital Holdings (up 9.87%) and Caretech Holdings (up 7.79%). Key detractors included Crest Nicholson (down 17.10%) and Conviviality (down 9.94%). Sprue Aegis, one of Europe’s leading developers and suppliers of home safety products, announced a positive start to the year in their June AGM statement. They expect a strong return to profitability in the first half of 2017 and with manufacturing and distribution arrangements progressing well, they believe they are well positioned to deliver a full-year adjusted operating profit in line with market expectations. Polar Capital released good group results for the period ended 31 March 2017 with assets under management increasing 27% from £7.3 billion to £9.3 billion. The results highlighted that co-founder of the business, Tim Woolley, will be standing down from his CEO role in July, although he will remain with the company as a non-executive member of the board. Gavin Rochussen will join the board as new CEO, bringing his experience as a CEO in asset management and track record in developing an institutional business and building a significant presence in North America. Caretech, a provider of specialist social care services in the UK, announced positive interim results in June for the six months ending 31 March 2017. Highlights included their acquisitions of Beacon Reach (a centre offering residential care and education to children) and Selborne Care (a centre providing support for adults with learning disabilities) after raising £37 million from a share placing in March.
  • R Egeneration C Onstruction

    R Egeneration C Onstruction

    Regeneration Annual Report 2016 Construction About us Morgan Sindall Group is a leading UK construction and regeneration group. We offer support at every stage of a project’s life cycle through our six divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments. Construction Regeneration Our services include design, We work in close new build construction, partnership with land infrastructure works, owners, local authorities refurbishment and property and housing associations maintenance in the commercial to regenerate cities with and public sectors. Our multi-phased, mixed-use construction teams work developments. New housing, on projects of all sizes community buildings, shops, and complexity, either leisure facilities and public standalone or through spaces help stimulate local framework agreements economies and provide and strategic alliances. long-term social benefits. FRONT COVER: The Word, a new state-of-the-art Revenue Revenue cultural centre in South Shields containing a library, exhibition space, gaming area, ‘FabLab’ with 3D printers, IT suite, café £ 2.0bn £ 0.6bn and rooftop space. Delivered by Urban Regeneration in partnership 2015: £1.9bn 2015: £0.5bn with South Tyneside Council. Find out more about the Our activities touch the lives of a wide range of stakeholders. We have therefore Group from our website decided to embark on a new approach to our annual report, integrating financial at morgansindall.com. and non-financial reporting within our operating
  • Parker Review

    Parker Review

    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
  • 2016 Annual Report

    2016 Annual Report

    bovishomesgroup.co.uk Bovis Homes Group PLC Annual report and accounts Bovis Homes Group PLC, The Manor House, North Ash Road, New Ash Green, Longfield, Kent DA3 8HQ. www.bovishomesgroup.co.uk 2016 Designed and produced by the Bovis Homes Graphic Design Department. Printed by Tewkesbury Printing Company Limited accredited with ISO 14001 Environmental Certification. Printed using bio inks formulated from sustainable raw materials. Printed on Cocoon 50:50 silk a recycled paper containing 50% recycled waste and 50% virgin fibre and manufactured at a mill certified with ISO 14001 environmental management standard. The pulp used in this product is bleached using an Elemental Chlorine Free process (ECF). When you have finished with this pack please recycle it. Annual report and accounts 2016 Bovis Homes Group PLC When you have finished with this pack please recycle it. Annual report and accounts Strategic report Business overview 4 2 2016 highlights Chairman’s statement A review of our business 4 Chairman’s statement model, strategy and Ian Tyler discusses how the 6 What we do summary financial and Group is well placed for 7 Reasons to invest operational performance the future 10 Housing market overview Our business and strategy 12 Interim Chief Executive’s report 18 Our business model 20 Strategic priorities 26 Principal risks and uncertainties 30 Risk management 12 Corporate social responsibility Interim Chief Executive’s report 32 Our CSR priorities Earl Sibley provides an overview of the year and Our financial performance discusses the
  • What Makes an Outstanding Finance Director?

    What Makes an Outstanding Finance Director?

    what makes an outstanding finance director? “ Right now as an FD, you can have a major impact – and if you don’t seize the moment they’ll find somebody else who will.” Steve Marshall, Chair, Balfour Beatty Plc In association with Directorbank Group Directorbank Group Comprising two market-leading brands, Hanson Green and Directorbank, the Directorbank Group offers a complete range of board level recruitment solutions to the full spectrum of companies from private equity backed businesses and family firms to FTSE and AIM listed organisations. Finance Director appointments are delivered by search consultants with many years experience in this specialist market. Directorbank is a leading provider of executive, Hanson Green is a specialist board practice Grant Thornton UK LLP is a leading financial and business adviser, operating non-executive and interim directors with a search firm with a market leading position in out of 28 offices. Led by 215 partners and employing nearly 4,000 of the market-leading position in the private equity the appointment of chairman and non-executive profession’s brightest minds, we provide personalised assurance, tax and sector. directors and a respected executive search specialist advisory services to over 40,000 individuals, privately-held practice. businesses and public interest entities. More than 70 leading private equity houses from across Europe retain Directorbank’s Hanson Green’s proven track record of solving Our offer to the market is great depth of expertise, delivered in a distinctive services to gain access to their exceptional clients’ recruitment challenges, combined with and personal way. Through proactive, client-centric relationships, our teams network of top level board directors for their the unrivalled quality of their service, has made deliver solutions to problems, not pre-packaged products and services.
  • Marketplace Sponsorship Opportunities Information Pack 2017

    Marketplace Sponsorship Opportunities Information Pack 2017

    MarketPlace Sponsorship Opportunities Information Pack 2017 www.airmic.com/marketplace £ Sponsorship 950 plus VAT Annual Conference Website * 1 complimentary delegate pass for Monday www.airmic.com/marketplace only (worth £695)* A designated web page on the MarketPlace Advanced notification of the exhibition floor plan section of the website which will include your logo, contact details and opportunity to upload 20% discount off delegate places any PDF service information documents Advanced notification to book on-site meeting rooms Airmic Dinner Logo on conference banner Advanced notification to buy tickets for the Annual Dinner, 12th December 2017 Logo in conference brochure Access to pre-dinner hospitality tables Opportunity to receive venue branding opportunities Additional Opportunities * This discount is only valid for someone who have never attended an Airmic Conference Airmic can post updates/events for you on before Linked in/Twitter ERM Forum Opportunity to submit articles on technical subjects in Airmic News (subject to editor’s discretion) Opportunity to purchase a table stand at the ERM Forum Opportunity to promote MP content online via @ Airmic Twitter or the Airmic Linked In Group About Airmic Membership Airmic has a membership of about 1200 from about 480 companies. It represents the Insurance buyers for about 70% of the FTSE 100, as well as a very substantial representation in the mid-250 and other smaller companies. Membership continues to grow, and retention remains at 90%. Airmic members’ controls about £5 billion of annual insurance premium spend. A further £2 billion of premium spend is allocated to captive insurance companies within member organisations. Additionally, members are responsible for the payment of insurance claims from their business finances to the value of at least £2 billion per year.
  • Living Fast Forward Resiconf.Com @Resievent #Resicon

    Living Fast Forward Resiconf.Com @Resievent #Resicon

    EVENT PROGRAMME VIRTUAL EVENT Living fast forward resiconf.com @RESIevent #RESIcon Platinum partners: Gold partners: Research Initiative Silver partner: Organised by: partner: partner: DAY 1 Tuesday 10 November 10:30 Check in opens Join us online and nurture your network. Use our digital event platform to connect with the RESI community. RESIXTRA 11:00 Alternative Residential: In partnership A deep dive into residential market specialist segments with Hosted by: Anastasia Gorokhova, Partner, Osborne Clarke LLP and Liz Hamson, Editor, Property Week The demands for flexibility and increased level of service are still driving this asset class despite, or even as a result of, current challenges. The sharing economy, an ageing population and an ever-expanding blur between workspace and living space are all transforming housing needs and driving new living concepts. We bring together our sector’s specialists to discuss developing trends within the operational residential market to explore the untapped potential for the sector. • Planning – the way we live is changing. What are the emerging trends and what planning implications are there for these? • Later living – long-term demographic changes keep boosting the attractiveness of the sector but how are operational considerations shaping the products? • Managing co-living – what does good property management look like in co-living, and what learnings can be applied to the UK from the better-established US market? • The CX factor – how can the use of building data help provide better services to residents? As a Partner in the Osborne Clarke Real Estate team, Anastasia’s practice centres around residential development, regeneration and build to rent.
  • LONDON SPONSORSHIP 2020 “An Opportunity to Promote Your Brand to London’S Property and Construction Movers and Shakers”

    LONDON SPONSORSHIP 2020 “An Opportunity to Promote Your Brand to London’S Property and Construction Movers and Shakers”

    LONDON SPONSORSHIP 2020 “An Opportunity to Promote your brand to London’s Property and Construction Movers and Shakers” • Connect and Engage – with an audience of c.450 senior Industry players and decision makers • • Comprehensive Sponsor Package – including a table of 10 and a position on the Chairman’s Table • • Brand Association – with high-profile Private & Public sector leaders and Industry influencers • • Be part of key Industry debates! Supporters Data Partner Design Partner PR & Comms for 2020 Partner “Contecting the Movers and Shakers in UK Property” great speakers... great events... great networking... Breakfast Sponsorships 2020 An opportunity to associate your brand with the UK’s number one Property and Construction Networking Forum, and communicate to an audience of key players in the Marketplace. Background 2020 is Movers & Shakers’ 25th Anniversary! Movers & Shakers is an exclusive membership organisation; structured to deliver the BEST NETWORKING OPPORTUNITES IN THE MARKETPLACE! Members must be able to deliver reciprocal business and with restricted numbers in each sector, we can ensure a balanced mix of interests; to underpin the exclusivity of the organisation. OUR AIM IS TO HELP YOU TO MAKE THE RIGHT CONNECTIONS; TO NETWORK AT THE HIGHEST LEVEL, TO GENERATE BUSINESS OPPORTUNITIES AND TO WIN WORK - with over 300 member companies, from leading organisations across the Industry. To gain shared knowledge and understanding from our first-class speakers and members. To deliver debate on our four pillars: SUSTAINABILITY | INCLUSIVITY | SOCIAL VALUES | TECHNOLOGY Events Programme Movers & Shakers runs events in London and across the UK (Birmingham, Bristol, Edinburgh, Manchester). The mainstay of the business is the programmes of breakfast events; which, in London are held at The Royal Lancaster Hotel.
  • Schroder UK Mid Cap Fund Plc Unaudited Portfolio Holdings at 31St July 2020

    Schroder UK Mid Cap Fund Plc Unaudited Portfolio Holdings at 31St July 2020

    Schroder UK Mid Cap Fund plc Unaudited portfolio holdings at 31st July 2020 The investments listed below have been valued on a fair value basis using closing bid prices. Market Nominal value Investment SEDOL ISIN holding £ 4Imprint Group Ord GBP0.385 664097 GB0006640972 105,000 2,493,750 A G Barr Ord GBP0.04167 B6XZKY7 GB00B6XZKY75 700,000 2,999,500 Anglo Pacific Group Ord GBP0.02 644936 GB0006449366 2,050,000 2,423,100 Bodycote PLC Ord GBP0.173 B3FLWH9 GB00B3FLWH99 800,000 4,504,000 Brewin Dolphin Ord GBP0.01 176581 GB0001765816 1,610,000 4,218,200 Cairn Energy Ord GBP0.0136686 B74CDH8 GB00B74CDH82 2,300,000 2,748,500 Capita Plc B23K0M2 GB00B23K0M20 2,700,000 924,210 CLS Holdings Plc Ord GBP0.025 BF04459 GB00BF044593 1,749,950 3,415,902 Computacenter Plc Ord 0.075555 BV9FP30 GB00BV9FP302 300,000 5,943,000 Cranswick Ord GBP0.10 231888 GB0002318888 114,000 4,078,920 Crest Nicholson Holdings Ltd Ord GBP0.05 B8VZXT9 GB00B8VZXT93 800,000 1,496,000 Dechra Pharmaceuticals Ord GBP0.01 963318 GB0009633180 143,310 4,087,201 Diploma Ord GBP0.05 182663 GB0001826634 320,000 5,801,600 Dunelm Group GBP.01 B1CKQ73 GB00B1CKQ739 790,000 9,709,100 Fisher (James) Ord GBP0.25 339500 GB0003395000 266,000 3,037,720 Future PLC Ord GBP0.15 BYZN904 GB00BYZN9041 212,000 2,925,600 Games Workshop Ord GBP0.05 371847 GB0003718474 80,000 7,024,000 Gamesys Group Plc Ord NPV BZ14BX5 GB00BZ14BX56 132,072 1,226,949 Genus Ord GBP0.10 207458 GB0002074580 80,000 2,716,800 Grafton Group New Units B00MZ44 IE00B00MZ448 530,000 3,407,900 Grainger Ord GBP0.05 B04V127 GB00B04V1276
  • Annual Report and Accounts 2010

    Annual Report and Accounts 2010

    Annual Report and Accounts 2010 www.bellway.co.uk Introduction A sound business... Since its formation more than 50 years ago, Bellway has built over 100,000 homes. It is recognised throughout the industry for building quality homes. In this year’s report... 1 24 42 73 Business Review Governance Accounts Other Information 1 Financial Highlights 24 Board of Directors 42 Group Income Statement 73 Five Year Record 2 Bellway at a glance 25 Advisers 42 Statements of Comprehensive 74 Shareholder Information 4 Chairman’s Statement 26 Report of the Directors Income 77 Notice of Annual 6 Chief Executive’s Operating 32 Report of the Board on 43 Statement of Changes in Equity General Meeting Review Directors’ Remuneration 45 Balance Sheets 80 Glossary 12 Corporate Responsibility 40 Statement of Directors’ 46 Cash Flow Statements 82 Notes Policy Responsibilities in respect 47 Accounting Policies IBC Principal Offices 14 2010 Corporate Social of the Annual Report and 52 Notes to the Accounts Responsibility Statement Accounts 16 Key Performance Indicators 41 Independent Auditors’ 17 Environmental Policy Report to the Members of Bellway p.l.c. 18 Group Finance Director’s Review 22 Operating Risk Statement Bellway p.l.c. Annual Report and Accounts 2010 Business Review Governance Accounts Other Information Financial Highlights A solid performance... Completed sales Average price achieved 4,595 homes £163,175 (2009 – 4,380) (2009 – £154,005) Total Group revenue Profit before taxation £768.3m £44.4m (2009 – £683.8m) (2009 – £29.8m)(1) Exceptional items Earnings per ordinary share £nil 29.7p (2009 – £66.3m write down) (2009 – 17.7p)(1) Final dividend for the year Forward order book at 30 September 6.7p £396.7m (2009 – 6.0p) (2009 – £349.4m) (1) before exceptional items (note 5 – page 53).
  • U N D E R T H E B O N N

    U N D E R T H E B O N N

    JOHCM UK DYNAMIC FUND UNDER THE BONNET JANUARY 2020 REVIEW Alex Savvides, Senior Fund Manager Tom Matthews, Analyst INVESTMENT BACKGROUND Despite US-Iran tensions global equity markets initially moved higher in January on signs of a continued pick-up in global growth, reflected in JP Morgan’s Global PMI composite output index reaching an 8-month high. The coronavirus outbreak then reversed market gains as fears of a global slowdown returned and investor sentiment turned defensive. The FTSE World Total Return index closed down 0.6% and global bond yields fell. The yield on the US generic 10- year Treasury ended just 15bps off its all-time low. This provided a further boost to global growth stocks, with the NASDAQ 100 making new all-time highs. Commodity prices also fell. Oil was particularly affected as the US-Iran tensions later abated. In the UK, backward-looking data (Q4 GDP and UK retail sales figures) pre-dating December’s general election showed a weakening economy, but forward- looking data (the Nationwide House price index and UK mortgage approvals) increasingly revealed an uptick in confidence. Indeed, the IHS Markit/CIPS flash UK composite PMI index reached a 16-month high. Despite this, market sentiment was dominated by commentary from the Bank of England about the potential need for a rate cut and headlines associated with the initial stages of the UK’s trade negotiations with both the US and EU. The FTSE All-Share and FTSE 250 total return indices closed down 3.2% and 3.3% respectively. Sterling was broadly unchanged.
  • United Kingdom Small Company Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change

    United Kingdom Small Company Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change

    United Kingdom Small Company Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a feeder fund in a master-feeder structure and the holdings listed below are the investment holdings of the corresponding master fund. Your use of this website signifies that you agree to follow and be bound by the terms and conditions of use in the Legal Notices.