Trading Statement
Highlights
· Group revenues of c. £950m, in line with prior year, and total completions of 5,085 units
· Private completions increased by 5.3% on the prior year to 4,241 units
· Group operating profit expected to be c. £80m for the period, up by c. 31% on the prior year
· Operating margin expected to increase to c. 8.4%, up from 6.4% in the prior year
· Profit before tax expected to be c. £45m, more than double the prior year
· Significant increase in approvals to acquire higher margin land with £453.0m of land acquisitions approved in the period equating to 9,320 plots on 67 sites
· Net debt as at 31 December 2012 of around £332m was significantly reduced from the £542.2m prior year position
· Private forward sales (excluding JVs) of £536.5m as at 31 December 2012 up 35.5% on the prior year