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