Source - LSE Regulatory
RNS Number : 3380U
Barratt Developments PLC
01 April 2021
 

BARRATT DEVELOPMENTS PLC

(the 'Company')

 

Performance Targets attached to 2020 Long-Term Performance Plan ('LTPP') Award

As outlined in the 2020 Annual Report, given the uncertainties caused by COVID-19 and the economic outlook, it was difficult to set meaningful targets for the 2020 LTPP at the time of its grant in November 2020.

The Remuneration Committee therefore agreed that, whilst the 2020 LTPP awards would be granted as normal in October/November 2020, the targets applicable to those awards would be set within six months of the grant when there would be more clarity over the Group's medium term outlook. It was further agreed that the targets would be published on the Company's website when set and communicated to participants and also included in the FY21 Remuneration Report.

The Remuneration Committee has now agreed that the 2020 LTPP awards granted on 30 November 2020 will be subject to the following EPS and Underlying ROCE performance targets measured over a three-year performance period commencing 1 July 2020:

Performance Target

Weighting (Total Award)

Below Threshold (0% Vesting)1

Threshold (25% Vesting)1

Maximum (100% Vesting)1

TSR against 50+/50- comparator group2

20%

Below median

Median

Upper Quartile

TSR against a house builder index3

20%

Below index average of peer group

Index average of peer group

Index average +8% per annum

EPS4 for financial year ending 30 June 2023

20%

Below 76p

76p

88p5

Underlying ROCE4 for the financial year ending 30 June 2023

40%

Below 19%

19%

22%

 

1.        Vesting will be on a straight-line basis in between these points.

2.        Each of the members ranking 50 above and 50 below the Company in the FTSE Index.

3.        The housebuilder index comprises: Bellway, Berkeley Homes, Vistry Group (including Galliford Try),Countryside, Crest Nicholson, Persimmon, Redrow and Taylor Wimpey.

4.        As defined in the FY20 Remuneration Report.

5.        Targets based on current corporation tax rates.

 

The Remuneration Committee has the discretion to adjust the number of shares vesting from the award if it considers that the vesting outcome is not sufficiently reflective of the underlying performance of the Company and to mitigate against any potential windfall gains for the Executive Directors.

 

For further information, please contact:

Tina Bains, Company Secretary              01530 278278

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