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The number of open market completions in the year to 31 March 2012 increased 12% to 314 (2011: 281). This was ahead of management's expectations, mainly due to strong sales performance in the second half of the financial year, the company said.
Gross and operating profit margins also improved, thanks largely to build cost savings, and so pre-tax profit will be ahead of market forecasts when announced at the end of next month.
Chief executive Jon Di-Stefano commented: "The London market has proved particularly resilient and, together with improved margins, our sales performance means profits for the year to 31 March 2012 are anticipated to be ahead of market expectations. The board remains positive in its outlook with profit levels expected to increase significantly in the new financial year underpinned by pre-sales already secured and by some of the new sites we have acquired in the last 12 months."
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