Housebuilder and land dealer MJ Gleeson said annual pre-tax profit more than doubled as it underlined its confidence in future trading by saying it hopes to resume dividend payments in 2013.
Pre-tax profit rose to £3.6m for the year to June 30th from £1.6m during the same period a year earlier. Operating profit increased to £3.3m during the period from £0.9m before. Revenue climbed to £41.9m from £41.4m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gleeson Homes returned to profitability, posting an operating profit of £0.3m compared to a loss of £0.4m earlier.
Chairman Dermot Gleeson said: "The group enjoys a very strong and competitive presence in the two sectors of the market on which it now concentrates: low cost housing development on brown field sites in the North of England; and the promotion through the planning system and subsequent sale of high value green field sites in the South."
"The prospect of rising revenue from house sales combined with a planned reduction in the rate of growth of the land bank means that the group expects to become cash generative in the second half of the current financial year and, broadly, to remain so for the foreseeable future."
Underlining its confidence in future trading, Gleeson said it hopes to be able to restart regular dividend payments in 2013.
CJ
-
Equity release jumps 4% amid growing inheritance tax concerns and sticky inflationThe amount of money withdrawn by equity release has increased, but the total number of plans has fallen
-
Nest Pensions abandoned by 10 million workers – why are savers ditching the UK’s biggest workplace pension?Savers are halting contributions and leaving millions of small pots behind them, Freedom of Information (FOI) data provided exclusively to MoneyWeek shows. We look at why and what it means.
