Annual Report

Latest Annual Report

Latest Report Chapters:

You can go directly to a specific chapter of our 2025 Annual Report by clicking on the relevant heading below:

Page 01	Who We Are
Page 04	Highlights of the Year
Page 06	Brownfield Regeneration at Scale
Page 08	Driving Growth and Value
Page 10	Case Study: Grand Union
Page 12	Our Business Model
Page 14	Chairman's Statement
Page 16	Chief Executive's Review
Page 26	Market Overview
Page 29	Trading and Financial Review
Page 32	Key Performance Indicators (KPIs)
Page 34	Responsible Business at a Glance
Page 36	Our Vision 2030 Strategy Overview
Page 38	Our Vision 2030 Progress
Page 56	ESG Performance
Page 58	Climate-Related Disclosures
Page 76	Section 172(1) Statement
Page 77	Non-Financial and Sustainability Information Statement
Page 78	How We Manage Risk
Page 81	Viability Statement
Page 82	Risk Tables
Page 94	Chairman's Introduction
Page 96	Board of Directors
Page 100	Board Leadership and Company Purpose
Page 101	Division of Responsibilities
Page 104	Board Activities During the Year
Page 108	Our Culture
Page 110	Stakeholder Engagement
Page 111	Our Stakeholders
Page 116	Nomination Committee Report
Page 122	Audit Committee Report
Page 126	Directors’ Remuneration Report
Page 160	Directors' Report
Page 170	Independent Auditor’s Report
Page 186	Consolidated Income Statement
Page 186	Consolidated Statement of Comprehensive Income
Page 187	Consolidated Statement of Financial Position
Page 188	Consolidated Statement of Changes in Equity
Page 189	Consolidated Cash Flow Statement
Page 190	Notes to the Consolidated Financial Statements
Page 230	Company Balance Sheet
Page 231	Company Statement of Changes in Equity
Page 232	Notes to the Company Financial Statements
Page 236	Five Year Summary
Page 237	Financial Diary
Page 237	Registered Office and Advisors