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Group highlights

  • Record performance, ahead of market expectations;
  • Strategic expansion of housebuilding activity proceeding according to plan and delivering results; 114 (2013: 55) completions in the year (including units managed on behalf of Drayton Garden Village Limited (DGVL));
  • Continued growth in land bank, which currently stands at a record 3,734 plots (3 October 2013: 2,306) with 1,318 plots consented (3 October 2013: 1,057);
  • Dividend increased 122% to 0.60p (2013: 0.27p), reflecting the Group's strong financial position and confidence in the short and medium term outlook.

Post year end highlights

  • Heads of terms signed with a private rented sector institution for the sale of over 200 apartments at Drayton Garden Village (DGV);
  • Planning consent received for 114 residential plots plus over 150,000 sq ft of commercial and leisure space at the Winter Gardens site in Bournemouth;
  • Planning permission secured for 15 residential plots on the site of a former office block in Gerrards Cross, Buckinghamshire;
  • Planning received for 152 residential plots at Woolwich in London;
  • Entered into joint venture with a third party on a site in Aylesbury, Buckinghamshire with the potential for in excess of 350 plots.
  • The Judicial Review on the MoD’s decision to sell the Wilton Park, Beaconsfield site has been withdrawn and the Group’s agreement with its financial partners can be concluded.

Outlook

  • Market conditions remain buoyant: demand for private housing in south and south-east of England increasing; continuing strong demand for consented land from housebuilders;
  • Very strong forward sales position of £54.6 million with 436 units under construction; targeting approximately 270 unit completions in the current financial year;
  • Actively targeting opportunities within the private rented sector;
  • Heads of terms agreed with Group's financial partners for development of Wilton Park, Beaconsfield; Inland to receive up to 80% of the net profit of the project;
  • Core strategic goal of growing land bank remains; continue to see a healthy pipeline of opportunities and confident of achieving further land bank growth throughout the course of the current financial year and beyond.

£8.6m

Profit before tax

1,318

Consented plots in land bank