When the company announces its interim results next month, profits will be above board expectations, the company said in a trading statement this morning. Housebuilding revenue will be up on last year, thanks to a combination of record 1,364 unit completions and an increase in average selling price.
The construction order book is also in reasonably good shape, with 99% of projected revenue for the current financial year secured with 62% for year to 30 June 2014. This is about the same position as this time last year, as is the size of the order book, at £1.6bn.
Net debt has been reduced over the past 12 months from £70m to £60m.
Chief executive Greg Fitzgerald said: "We are encouraged by the performance of both housebuilding and construction in the first half of the financial year with profits ahead of board expectations. Housebuilding continues to deliver good results in a stable market with construction performing well against a backdrop of a difficult market. We continue to manage cash with group net debt improving on last year. Notwithstanding the continuing challenging economic conditions the group remains on track to meet its expectations for the financial year and is well positioned to deliver growth."
Got a story? Email news@theconstructionindex.co.uk
