Performance and financial review
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Performance and financial review
Susanne Schroeter, Chief Financial Officer
"During 2025 we delivered growth in earnings, dividends and asset values and the balance sheet is strong going into 2026.”
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Adjusted profit before tax
2024: £470m
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£560m
IFRS profit before tax
2024: £636m
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£1.9bn
Available cash and undrawn committed facilities
2024: £2.1bn
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31%
Loan to value ratio
2024: 28%
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Operational highlights
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£99m
New headline rent contracted
2024: £91m
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36%
Uplift on rent reviews and renewals
2024: 34%
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91%
Customer satisfaction
2024: 86%
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94.9%
Occupancy
2024: 94.0%
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£29m
Potential rent from development completions
2024: 37m
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+6.0%
Like-for-like NRI growth
2024: +5.8%
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UK 2025 key highlights
- Strength of the Park Royal and Heathrow market, which represents 40 per cent of our UK portfolio and delivered 4.7 per cent ERV growth.
- Significant progress capturing reversion, delivering a record 46 per cent uplift on rent reviews and renewals.
- Great headway in making our market-leading big box logistics sites ‘construction-ready’.
- Enhanced our capabilities with the creation of a new energy team, and added 190MVA to our UK data centre pipeline.
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Continental Europe 2025 key highlights
- Significant pick up in pre-let activity leading to £24 million of pre-lets signed in
H2 alone. - Strong lettings performance on our speculative development programme,
particularly in Germany, Spain and Poland. - Finished the year with very strong, 98 per cent, occupancy (including
some markets at 100 per cent). - Secured the building permit for our first data centre in Continental Europe.
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