Demand ChallengesTransaction rates are a third lower than FY23, indicating challenges in demand despite underlying interest.
Dividend PolicyThe new investment phase comes at a short-term cost to the dividend, with annual payments pledged dropping significantly.
Financial OutlookThe update says that net cash is expected to come in at around £300m at the end of April 2025E, which compares to consensus of nearer £400m, due to settlement of land.