Investor relations

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FEATURED PROPERTY
Manchester Arena Complex
Manchester

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Financial summary

	2010 £million	2009 £million	2008 £million	2007 £million	2006 £million

RESULT
Revenue / Turnover	44.4	35.1	171.1	60.4	48.7
Profit / (loss) before tax	2.6	(11.4)	(65.6)	0.2	22.8
Investment properties	199.2	181.0	134.1	154.8	144.8
Land, development and trading properties	157.7	78.6	59.4	155.5	74.7
Net borrowings	(71.4)	(45.6)	(87.2)	(71.5)	(14.4)
Net assets	333.1	244.0	161.0	228.9	231.4

STATISTICS
Earnings / (Loss) per share*	1.7p	(16.8)p	(134.6)p	0.0p	52.2p
Net assets per share	272p	297p	397p	564p	568p
Annual net dividend per share	4.8p	4.8p	4.8p	7.2p	6.75p

* Restated following Placing and Rights Issue

Annual Report 2010

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Financial summary

Manchester Arena Complex
Manchester

The Complex was the Group’s most significant acquisition in 2010. It is the largest indoor venue in Europe and attracts over 1 million visitors per annum. Following acquisition, we re-geared the lease to the incumbent operator, allowing us to make an immediate revaluation gain of £9.5 million, of which the Group’s share was £2.8 million. We are pursuing further asset management initiatives identified in conjunction with our partners, Patron Capital Partners.