Mar City shares jump as housebuilder swings to profit

Mar City's share price more than doubled Thursday afternoon trading after the housebuilder announced improved annual results and scored a contract in the West Midlands, UK.

Mar City's share price more than doubled Thursday afternoon trading after the housebuilder announced improved annual results and scored a contract in the West Midlands, UK.

The company reported a pre-tax profit of £0.98m for 2012 from a loss of £1.3m a year earlier as revenues grew to£8.9m from £1.0m as a result of new house building projects in the West Midlands and Leicestershire.

"In line with our strategy, we have moved the group into profit and have continued to build group revenues with a series of new contracts," Chairman Hamilton Anstead said.

Mar City has scored a contract for the construction of 137 units in the West Midlands, UK.

The units, which include houses and apartments, will be sold to housing associations and the open market.

It will be supported by funding from the government's Get Britain Building initiative, an investment fun for developers to address the weakness in the housing market.

The value of the contract is about £10.9m.

The firm also reported that is has raised £1.65m by placing 47.2m new ordinary shares at a price of 3.5p each, which will be used to finance future land purchases.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021