15 October 2013 – trading update
It is positive to note that the company now anticipates that profits for the current year will be significantly ahead of market expectations. Substantially improved margins and profit from affordable housing contracts on sites acquired ahead of schedule are the cause of this. The Group has said that it is now 100 per cent sold in terms of the open market homes expected to legally complete in the year to 31 March 2014, over 70 per cent sold for 2015 and over 55 per cent for 2016. Although the shares have now multiplied since our original tip we keep our FIRM HOLD rating.