28 March 2012 – final results
Solid results have been produced by the land development and construction group for 2011 as it reported pre-tax profits of £16.1m (2010: £18.9m) for earnings per share of 6.9p (2010: 9.1p). The dividend has been increased to 4.25p (2010: 3.5p). Net debt has fallen to just £2.3m (2010: £11.4m) and net asset value per share has also dropped slightly to 142p (2010:145p). A cautious statement about prospects for the current year means that the shares remain a HOLD.