Profit measures
We have a long track record of delivering returns that are amongst the best in the sector. Our land replacement processses and cost management and efficiency programmes aim to generate superior returns which provides a platform for further investment in the Group's resources to support our disciplined growth.


1 Stated before exceptional items and goodwill impairment. After exceptional items and goodwill impairment the figures are as follows: Housing operating margin: 30.1% (2018: 30.5%; 2017: 27.9%; 2016: 24.6%; 2015: 21.6%); Profit before tax: £1,040.8m (2018: £1,090.8m; 2017: £966.1m; 2016: £774.8m; 2015: £629.5m).