Highlights

• Our focus on low risk and highly profitable commercial developments gives me the confidence that we have re-commenced growth and expect to add considerable value to the business for the benefit of our shareholders.

Commercial Property

We have seen prime property yields stabilise having risen significantly from the bottom of the market in early 2009, and IPD has reported further growth in capital values. This re-rating has benefited us where we have sold well-let completed developments and, in particular, there continues to be very strong investor demand for our foodstore investments.

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Residential Property

The residential market has stabilised in the period with certain areas performing more strongly than others. At 30 April 2010, our residential investment portfolios comprised 1,963 units and were valued at £269 million (31 October 2009: £264 million).

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