Group
Sep 2025 | Mar 2025 | |
Net debt | £2.7bn | £2.7bn |
Weighted average debt maturity | 5.0 yrs | 5.2 yrs |
Weighted average interest rate | 3.4% | 3.2% |
Interest cover1 | 5.2x | 5.7x |
Loan to value2 | 31.5% | 31.7% |
Unsecured Committed facilities | £2.3bn | £2.4bn |
Of which is undrawn and cash | £1.7bn | £1.8bn |
Group senior unsecured credit rating | A | A |
1 Underlying profit before interest and tax / net interest
2 Debt to property and investments
Group and share of joint ventures
Sep 2025 | Mar 2025 | |
% of debt at fixed/capped interest rates (spot) | Fully Hedged | Fully Hedged |
% of debt at fixed/capped interest rates over 5 years (average) | 75% | 77% |
Net debt3 | £3.8bn | £3.6bn |
Weighted average debt maturity | 4.7 yrs | 5.0 yrs |
Weighted average interest rate | 3.7% | 3.6% |
Interest cover1 | 3.6x | 3.7x |
Loan to value2 | 39.1% | 38.1% |
1Underlying profit before interest and tax / net interest
2Debt to property and investments
3Adjusted net debt £3.8bn (31 March 2025, £3.6bn). Adjusted net debt differs from IFRS net debt by excluding the mark to market on commercially effective derivatives and related debt instruments.