18 January 2013 – trading update
The group has issued a very positive trading statement for the year to 31 December 2012, confirming that profit before tax will be ahead of expectations. The results have benefited from a 15% increase in completions, an increase in average sales price and higher operating margins. The group has a strong balance sheet with net cash of £19m at the year end and the new year has started well. However, the shares have enjoyed a strong run and although prospects for the new year look good, the price looks up with events. We reduce our recommendation to HOLD.