Market value of property assets : £2.5bn

• Profit before tax up 62% to £77.5m (2006: £47.7m (restated))
• Gross Net Asset Value per share up 22.3% to 828p (2006: 677p); Grainger NAV up 23.0% to 732p (2006: 595p)
• Market value of property assets up 25% to £2.5bn (2006: £2.0bn)
• Earnings per share up 82% to 47.3p (2006: 26p (restated))
• Final dividend up 10% to 4.12p per share, making a total dividend for the year of 6.18p per share (2006: 5.62p) - 13th consecutive year of increased dividends
• Strong liquidity position - headroom of £226m
• Return on shareholders' equity increased to 27.1% from 26.5%.

Operational highlights

Strong growth across all operating divisions, including:

• G:res1 fund successfully completed fundraising with £159m of new equity raised - market value of assets now £457m, retained share 21%.
• Market value of retirement solutions portfolio has more than doubled in value to £542m (2006: £241m) - retains market leadership with 40% market share
• Continued strong progress in Europe, with the German portfolio now comprising 4,520 units with a market value of £242m.
• Development portfolio continues to progress - estimated end development value of projects up 20% to £809m, of which £324m has planning consent