Smart Approach in Retail Resilience

Underlying Profit Bridge £m 152 (2) 2 (6) (44) 152 HY 2020 Net divestment Developments Excl. impact of capital activity Like for like incl. CVAS and admins Provisions for trade debtors and deferred rent (2) 7 107 Tenant incentive provisions Cost savings HY 2021 59

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