29 May 2013 – final results
Excellent results have been produced by the London-focused residential property developer for the year to 31 March with pre-tax profit trebling to £9.0m (2012: £3.0m) on revenues 14.5% higher at £142.4m (2012: £124.4m). Earnings per share rose to 14.3p (2012: 4.7p) and the dividend was raised to 4.8p (2012: 3.0p). Although net debt at the year end had fallen to £34.4m (2012: 54.6m), this is expected to increase again going forward as the group invests in new developments. The group has pre-sold 99% of its expected completions for the year to 31 March 2014 and over 50% for the following two years and so the outlook for the group is very strong. Another significant increase in profits is therefore expected in the current financial year and so, in spite of the strong rise in the share price, we maintain our recommendation of STRONG HOLD.