Our Strategy

Our strategy is to build a larger, stronger business by improving margins, investing in high quality land and increasing profitability, thereby generating surplus cash to deliver our £1.9bn Capital Return Plan to shareholders.

On 25 February 2014, the Board announced a revised schedule of payments under the Capital Return Plan as follows:

Original Plan New Plan Original Plan
Pence Per
Share
New Plan
Pence Per
Share
28 June 2013 28 June 2013 75 paid 75 paid
  4 July 2014 - 70 paid
30 June 2015 6 July 2015 95 95
  6 July 2016 - 10*
30 June 2017 6 July 2017 110 110
  6 July 2018 - 10*
30 June 2019 5 July 2019 110 110
30 June 2020 6 July 2020 115 115
30 June 2021 6 July 2021 115 25
Total   620 620

* at least 10p – value to be reviewed in due course

Our strategic priorities are set out below:

Improve margins

  • Continue to control development costs
  • Acquisition of new land at attractive prices
  • Prioritise strategic land investment to improve shareholder returns
  • Maximise sales prices

Selective new site acquisitions

  • Excellent locations
  • More traditional site layouts
  • Appropriate product mix

Build sustainable homes

  • Improve the energy efficiency of our homes and reduce running costs
  • Use modern methods of construction to support site production rates and overcome any potential labour shortages
  • Invest in Space4
  • Improve resource and waste efficiency

Strong cash generation

  • Appropriate capital structure
  • Capital discipline
  • Accelerating returns to shareholders
  • Minimise finance costs
  • Good flexibility

Robust health and safety

  • Continued management training
  • Continue to improve safety culture
  • Maintain a high level of compliance with health and safety standards

Excellent customer focus

  • Improve customer satisfaction and service levels
  • Build good quality homes in attractive locations