Financial Highlights
|
|
Year ended 31 July 2013 |
Year ended 31 July 2012 |
Movement |
|
Revenue |
£1,110.7m |
£1,004.2m |
+10.6% |
|
Gross profit |
£203.3m |
£162.1m |
+25.4% |
|
Gross margin |
18.3% |
16.1% |
+220 bps |
|
Operating profit |
£151.1m |
£114.6m |
+31.8% |
|
Operating margin |
13.6% |
11.4% |
+220 bps |
|
Profit before taxation |
£140.9m |
£105.3m |
+33.8% |
|
Earnings per share |
89.3p |
65.5p |
+36.3% |
|
Total dividend per share |
30.0p |
20.0p |
+50.0% |
|
Return on capital employed |
12.3% |
10.1% |
+220 bps |
Net asset value per share increased to 1,001p (2012 - 933p)
Operational Highlights
5,652 homes sold (2012 - 5,226) - up 8.2%
Average selling price increased to £193,025 (2012 - £186,648) - up 3.4%
Land bank increased to 32,991 plots (2012 - 31,136 plots)
Low net bank debt of £5.8m (2012 - £40.6m) representing gearing of only 0.5% (2012 - 3.6%)
Overview
Commenting on the results, Chairman, John Watson, said:
"I am pleased to report, in my first year as Chairman, another strong performance by the Group with profit before taxation increasing by almost 34% to £140.9 million (2012 - £105.3 million)."
"More favourable mortgage conditions, a gradual improvement in consumer confidence, together with a continuing programme of site openings, have allowed the Group to deliver its fourth consecutive year of earnings growth."
"Basic earnings per share have increased by 36.3% to 89.3p (2012 - 65.5p) and this has resulted in growth of 7.3% in the net asset value per share to 1,001p at 31 July 2013 (2012 - 933p)."
Dividend
"Given the Group's strong earnings growth and balance sheet position, the Board is proposing to increase the final dividend by 50% to 21.0p per ordinary share (2012 - 14.0p). This rise also produces a 50% increase in the total dividend for the year to 30.0p (2012 - 20.0p) with this being covered by earnings almost 3.0 times (2012 - 3.3 times)."
