Houses, apartments, and commercial projects. We now have over 9,600 lots in our project pipeline, including conditional acquisitions that are expected to settle. This is across four states and 31 projects. We have a stable board and management team with strong governance structures and a strong corporate reputation. As many of you know, we have demonstrated our ability to outperform the peer group. Our purpose and vision inform every decision we make as a business and have interconnected objectives. These objectives are reliable and growing income streams for our investors, quality housing or offices for our customers, vibrant communities, a high-spirited and safe workplace for staff, and being a loyal business partner to our suppliers. This year, we added a new value, creating community connection, in recognition of how we aim to positively impact the communities we operate in.
There is great clarity within our business on the greater purpose and strong alignment on vision and values, as is necessary for an ambitious business. There are three key areas in which we create value and which describes the key functions of our business. We acquire property for development following a rigorous due diligence process. We design the project, achieve planning approvals, and deliver it. We control the marketing and sale of the products within each development to ensure a high-quality brand positioning and customer experience. In each of these areas, we have a distinct approach, and one that is characterized by discipline, focus, and doing things differently. Our strategy is to grow and develop our national portfolio diversified by geography, product type, and price point, so that it continues to hold broad customer appeal and performs well in a range of market conditions.
This strategy is proving successful with the strong relative financial returns that we've been able to deliver. We have multiple product types in four states and different price points appealing to a variety of buyer profiles. It's fair to say that this strategy is proven through COVID-19. We continue to work on our four strategic priority areas with continued support from our three banks and gearing, which is at the low end of our target range. For future earnings growth, we've maintained a growth mindset, acquiring two sites across the nation in FY 2021, and contracted several others. On operational excellence, we've been developing leading integrated systems to create efficiencies, superior controls, real-time data, as well as workforce mobility. Our projects have excellent sustainability credentials.
Finally, the strength of our culture and the caliber of our talent is contributing to our performance and resilience. Our workplace is high-spirited, and there are high staff satisfaction levels. This year, we significantly updated our ESG strategy and enhanced our ESG reporting. In our report, we have included disclosures recommended by the Task Force on Climate-related Financial Disclosures. The ESG strategy builds on our enviable track record on sustainability and social responsibility. During FY 2022, we will be establishing climate-related targets with a plan to report against those in the future. Highlights for FY 2021 include industry awards for environmental excellence, land management, and transit-oriented development across a number of our projects. Finally, progress in board succession with the appointment of Paul Say.
Further details are in our ESG report, which you can find within our. I'm now going to hand over to Leon to take you through the financial highlights.
Thanks, Nathan. I'll first provide a summary of our results, then talk about how our returns compare to the market, and finish with some comments on the balance sheet. A net profit after tax of AUD 32.8 million and revenue of AUD 299.8 million from just over 1,000 settlements. Revenue and profit were up substantially on the prior year. Net profit, in fact, was up 61% on FY 2020, generating earnings per share of AUD 0.407 and return on equity of 8.2%. Gross margin remains solid at 31%, up slightly from the 29% delivered in FY 2020, due to both changes in product mix and some net pricing improvements.
With consideration given to the Company's strong balance sheet, low gearing at 28% and strong liquidity position, the board declared a AUD 0.135 final dividend, taking total FY 2021 dividends to AUD 0.265 per share, up 39% and reflecting a payout ratio of approximately 65%. The last two years has seen a temporary departure from the longstanding dividend policy of distributing about 50% of full-year net profits in dividends, with a view to returning to this policy over time as and when profits resume to pre-COVID levels. The Dividend Reinvestment Plan and Bonus Share Plan will be in operation for the final dividend. We start FY 2022 in a fortunate position, with more than AUD 478 million in pre-sale contracts on hand, up some AUD 118 million from the AUD 360 million reported at the same time last year.
Approximately two-thirds of these pre-sales are expected to settle in financial year 2022 and guiding us to target earnings growth for financial year 2022. One hallmark of our business is our track record of consistent profitability and dividends. In this chart, the blue bars show dividends over the last 10 years, with the interim dividends being in dark blue at the bottom. The black line shows our profit performance over the same period. Since listing, Cedar Woods has always made a profit and always paid a dividend. COVID-19 gave rise to a softer result in financial year 2020 due to economic disruptions and social distancing requirements at construction sites, which both caused a period of soft sales and the delay of a number of settlements. Financial year 2021 has seen an improvement in earnings and allowed the board to declare a higher dividend.
As shown by the graph on the left, Cedar Woods' total shareholder return for FY 2021 outperformed the All Ordinaries and the ASX 300 and was a little behind the peer group on a one-year basis and some of the other indices. The graph on the right shows Cedar Woods continues to outperform both its peers and relevant market indices in terms of two-year, three-year, and five-year total shareholder returns. We are proud of this result, and we are confident that we can continue to outperform given our diversified and high-quality portfolio. We think this affirms Cedar Woods as a compelling investment opportunity. We continue to operate a strong, moderately geared balance sheet. Total assets at June 30th of AUD 651 million are slightly above last year, as new investment in the portfolio roughly equated to product that was settled.
Net assets and equity are up on the basis of the strong result in the period and reflected in the stronger NTA. Net bank debt at June 30th of AUD 113 million was significantly down on last year, reflecting strong operating cash flows and gearing measured by net bank debt to equity and net bank debt to total tangible assets less cash.
We remained at the lower end of the Company's target range. Cedar Woods continues to maintain a strong liquidity position with the tenure of its AUD 205 million three and five-year corporate finance facility extended during the year. Interest cover finished the year at a very strong 12 times, and the Company continues to maintain comfortable compliance with all its facility covenants, ensuring continued, secure, long-term funding availability. Sizable facility headroom of AUD 94 million was available at year-end and has further increased to capacity of approximately AUD 150 million currently.
This capacity puts the Company in a very strong liquidity position to navigate the current environment, continue to roll out our development program, and where prudent, take advantage of compelling acquisition opportunities. I'll now hand back to Nathan.
Thank you, Leon. I now wanted to provide some insight into our portfolio and a deeper dive on some selected projects. Our projects are diverse in nature and are generally performing very well. They are often in high amenity locations and are located strategically near major transport infrastructure, such as train stations and freeway interchanges. We are known for our large-scale transit-oriented developments, especially on the East Coast. Our projects are positioned as quality developments within their respective markets. These charts further demonstrate how our diversification strategy has played out. The first chart shows the proportion of our portfolio in each state, with WA and Victoria playing the dominant roles, but with an increasing representation from Queensland and South Australia, consistent with our geographic diversification strategy.
The next chart shows our pre-sales by location, and as you can see, there is a greater proportion from the East Coast markets, and we expect good contributions from all states in FY 2022. The chart on the right shows the mix of product in those [audio distortion] broaden our product types. We continue to build upon this diversification strategy with the planned expansion of our medium-density residential portfolio. Some comments about market conditions around the country. The year saw highs and lows due to COVID-19, but overall was very positive, and we ended the year with strong trading conditions. We have a view that conditions will remain favorable for some time yet, backed by solid fundamentals, especially with low interest rates and low unemployment. Consumer confidence is being temporarily impacted by lockdowns, particularly on the East Coast, and we have yet to see stronger wage growth despite falling unemployment.
It is a bit of a mixed bag. Demand across most product types is strong, and this is expected to continue for some time. Though conditions do vary slightly from state to state and between our various product types. Price growth is outpacing cost increases in most markets, but we are watching costs closely as builders process large volumes of sales, particularly from the stimulus period. Globally, there is competition for materials, and the price of steel and timber, which have increased materially, are two examples of this. Immigration will need to return to sustain the new housing sector's performance, and when it does, sales conditions are anticipated to be favorable. We expect demand for new housing to continue to be elevated for at least the medium term, but with some interim volatility due to COVID-19.
Conditions vary from state to state, with the common themes being those that I talked through on the previous slide. Melbourne was subject to restrictions for a large part of the first half, but started to recover well when restrictions eased. There are some delays to apartment projects, due mainly to lower inquiry, but land estates and townhouse developments are going well. We are seeing some cost pressures developing, but generally, these are being outpaced by price gains. Brisbane's recovery is driven by the resources sector, which is doing well, housing stimulus, and the relative affordability of housing when compared to Sydney and Melbourne. The apartment market is improving, and we are about to launch our first apartments at the Greville project in Wooloowin. Sales at both projects have been strong and with good price growth, but some of that price growth is being eroded by growth in costs.
Perth saw extraordinary sales in FY 2021, which enabled us to sell residual stock and bring forward new stages. This is mainly due to the generous stimulus that was on offer, but also the relative affordability of housing and decently performing resources sector. The surge in building has caused some supply constraints and cost pressures as builders work through the stimulus orders. In recent months, our townhouse sales have been strong, but sales have been moderate only for the land estates. Adelaide has been a strong market for much of FY 2021. Conditions broadly were very favorable, driven partly by South Australians returning from interstate and overseas, but also relative affordability again. Sales were great for our two projects there, and good price growth has been achieved at both. I will now provide an overview of our state portfolios and some selected projects.
Starting with WA, we have 11 residential projects and more than 4,500 lots or dwellings. We have projects catering for a range of buyer types and a mix of different products through our WA portfolio. Our product here is mainly residential lots in land estates on the urban fringe. We are building a greater townhouse and apartment portfolio in Perth, with Incontro in Subiaco an example of this. Several new projects have started to make contributions, and we are actively trying to build our portfolio in WA. Now for 2 WA project examples. Ariella. Ariella was initially acquired in 2013, but with a subsequent 20-hectare addition acquired in 2019. It's located in Perth's sought-after northeastern corridor. It's a vacant land subdivision with a total yield of 880 lots.
It's a strong performing, high-margin project that is selling more than 100 lots per annum. The final settlements from this project are anticipated to occur in FY 2025. Incontro, Subiaco is an inner-ring project located 5 km from Perth CBD in the sought-after suburb of Subiaco. The master plan includes 151 townhouses and apartments, and the townhouse component is 100% pre-sold, with construction underway and Stage 1 settlements expected to occur in September 2022. Planning approval for the apartments is currently being sought and is expected to come through later in 2021. A registration of interest campaign for the apartments is currently underway, with the formal sales launch expected in coming months. In Victoria, we currently have 11 projects which offer a wide range of products, including land lots, townhouses, apartments, and offices.
One important factor that underpins our Victorian projects is that they are in high-performing locations with little competition. Townhouse sales have been strong, while apartment and commercial projects are starting to pick up. Lockdowns are having an impact on development timetables due to the government-imposed restrictions on workforce numbers on construction sites. With these projects adding a further 725+ lots, Williams Landing is a large-scale master-plan development with over 3,000 homes and a large-scale mixed-use town center. The project is a diverse mix of land, townhouses, apartments, and commercial developments. There is up to 10 years project life remaining, with 17 hectares of undeveloped land in the town center. There are numerous projects underway at the moment, including townhouses, apartment projects, and strata offices. Moving to Queensland, we have five projects, two of which are located relatively close to the Brisbane CBD.
Ellendale, just 12 km away, continues to progress with several stages completed in the last year, and sales are doing quite well due to the lack of competition and the quality of the estate. Greville, in the suburb of Wooloowin, is just 6 km north of the CBD and will deliver a mixture of townhouses and apartments. The next slide has an image of this project, so I'll move to that. It's a hectare site that was a former convent that we purchased off the Catholic Church, and it's accommodating a mixture of townhouses, apartments, and does have a childcare component. It is close to two train stations, schools, and shops, and the townhouses are selling really well with strong price growth. These gains have been somewhat eroded by increased construction costs of the project.
We have the project's first apartment sales launch occurring in around September and are expecting that to go well. In Adelaide, we have four projects, including three within the Glenside estate. Glenside is a really stunning project and one of scale in a sought-after suburb. It is 17 hectares, 3 km from the CBD and will deliver around 1,000 dwellings. Two stages of townhouses and one stage of apartments have been completed, with the second stage of apartments now under construction. Sales are going really well, and prices are being increased progressively. Fletcher's Slip is a 500-dwelling townhouse and apartment development in the regenerating suburb of Port Adelaide. Our civil works are well underway, and we have strong pre-sales. This project will be a good contributor over approximately a five to six-year period.
Glenside, which is the 17-hectare project, is 3 km only from the Adelaide CBD, and it's got 1,000 townhouses and apartments and will be delivered over quite a long timeframe of 8 to 10 years. The Grace Apartments project recently settled in July. The next apartment project, which is called Monarch Apartments, was launched recently, and we sold 40% of the apartments within weeks. We have 62 fully pre-sold townhouses that are under construction, and these are due to settle in the final quarter of FY 2022. Fletcher's Slip is 14 kilometers northwest of the Adelaide CBD, and it's got around 500 dwellings, being a mixture of townhouses and apartments. It's adjacent to a train station, a beach, and is close to the submarine building precinct. Stage 1 subdivision works are completed, and Stage 2 well underway.
Construction is commencing on 75 townhouses at the moment. The first apartment building at the project will have sales commencing in October. Now for some commentary on our outlook for FY 2022. Conditions for the new housing sector are currently positive, but with state-by-state variations. Most economists are forecasting increasing house prices nationally in 2022, while home starts are expected to decline from stimulus-induced highs. Overall, demand across most product types is expected to continue to be strong, although with some variability. Backed by pre-sales of AUD 478 million, the Company is expecting continued growth in earnings in FY 2022, and we are well placed to continue to grow earnings over the medium term. This outlook is subject to market conditions and assumes that restrictions will ease by the end of 2022.