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Principal risks and uncertainties

The Group’s strategy is to operate in a low-risk environment. We invest only in London’s West End, where the property market has a long record of resilience and stability, we avoid major speculative schemes and we manage our Balance Sheet on a conservative basis.

Operational and financial risks facing the Group are monitored through a process of regular assessment by the executive team and reported to and discussed at meetings of the Audit Committee and Board.

Our principal strategic risks are those which might prevent us from achieving our goal of long-term sustainable growth in net rental income in our principal use of retail, restaurants and leisure and are contained in our Annual Report.