Revenue Growth InconsistencyInconsistent revenue growth and a recent decline reduce predictability of cash flows and project timing. That variability complicates capacity planning, land acquisition and dividend policy, increasing reliance on timely completions to meet medium‑term funding needs.
Cash Flow VolatilityOperating cash conversion is relatively weak and free cash flow has fluctuated, with a recent decline. This volatility raises liquidity risk for land purchases and construction funding, limiting capital allocation flexibility during slower sales periods or delays.
Geographic Concentration RiskConcentration in London and the South heightens exposure to local housing cycles, planning delays and regional policy changes. Limited geographic diversification can amplify the impact of localized downturns on revenues, margins and the development pipeline over the medium term.