Tim, the chief executive, reiterated that group NAV was “just over £3 per share” and described it as conservatively assessed because land and developments are held at cost.On the balance sheet, management said net debt rose to £108 million after investment in land and developments and the construction disposal, with gearing at 20%, “slightly above” the group’s 10%–20% target range. The company said it expects gearing to move back toward the top end of that target range as it completes disposals, though mana ...