Highlights
|
Financial |
2012 |
2011 |
Increase |
|
Group revenue¹ |
£1,504m |
£1,284m |
17% |
|
Profit before tax |
£63.1m |
£35.1m ² |
80% |
|
Earnings per share |
60.9p |
32.2p ² |
89% |
|
Dividend per share |
30.0p |
16.0p |
88% |
Group
- Exceeded objectives of three year transformational plan, delivered substantial increase in profits and return on capital
- 2012 PBT increased by 80%, EPS by 89%
- Strong balance sheet with year end net cash of £23 million, providing platform for future growth
- Disciplined growth strategy supporting progressive and sustainable dividend policy
Housebuilding
- 40% increase in completions (inclusive of joint ventures) to 3,039 (2011: 2,170)
- 11.8% housebuilding margin shows strong progress (2011: 8.1%)
- Following a resilient summer performance 7% increase in sales currently reserved, contracted or completed at £350 million (2011: £328 million)
- 81% of 10,500 plot landbank now acquired at current market values (2011: 72% of 10,400)
- 100% of land required for 2013 financial year in place, 90% of land secured for 2014
Construction
- Despite difficult markets 2.0% construction margin remained robust (2011: 2.4%)
- Year end construction cash balance of £146 million in line with forecast (2011: £217 million)
- Stable current order book at £1.65 billion (2011: £1.7 billion) with continued focus on contracts with acceptable returns
- 86% of current year's planned revenue secured (2011: 90%)
Greg Fitzgerald, Chief Executive, commented:
"Against a background of challenging and uncertain economic conditions I am very pleased to report that we have exceeded the objectives of our three year transformational housebuilding plan, delivering a substantial increase in profits and return on capital. In addition, we have maintained a high quality construction order book. We have a strong balance sheet and a disciplined growth strategy with a clear focus on improving margins that positions us well to deliver further profitable growth in the new financial year and beyond."
