Housing completions for the company totaled 851 units (or 779 net of joint venture partners' share). There was also an 11% increase in total housing sales reserved, contracted and completed at £359m (2009: £324m). Sales started well in the summer but tailed off in the autumn.
The company’s construction division had an order book of £1.75bn on 31 December 2010, the same as 12 months previously. Work in hand is spread 40% in the regulated sector, 49% in the public sector and 11% in the private sector. The division has secured 96% of its projected revenue for current financial year (ending 30 June 2011). For the year to 30 June 2012, 58% of projected revenue is already secure.
Net debt at 31 December 2010 was better than forecast at £30m (30 June 2010: £76.5m net cash, 31 December 2009: £100m net cash). The cash balances held by construction remain significant and have reduced less than anticipated in relation to current revenue levels, the company said.
Chief executive Greg Fitzgerald said: "While the economic outlook is still uncertain, the board continues to be encouraged by the progress being made in housebuilding and by the resilience of the Group's construction business. While remaining cautious in the short term, the Group is confident in its strategy for delivering the objectives of its expansion plan."
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