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Commenting on the strategic review, Chairman, Tony Pidgley said: "I am delighted that in the two years since shareholders supported the Board's proposal to invest at the right point in the cycle, Berkeley has made great progress and acquired a number of excellent sites in London and the South East, committing in excess of £500 million to the land bank in the process and laying the foundation for the next phase of the Group's strategy. The Board's recommendation to return £13 in cash over the next ten years is the result of these achievements. The long term plan announced today puts in place an exciting and challenging proposition that builds on the strengths of Berkeley's unique business model to realise significant value in cash for existing shareholders, yet retains sufficient working capital to invest in the continuing business and provides a real incentive for management to maximise its long term value. This strategic framework provides clarity over the corporate strategy and fully aligns the interests of management and shareholders for an extended period - an alignment that has been so important to Berkeley's success in the past."
24 JUNE 2011 EPS GROWTH OF 20.2%; UP 12.1 PENCE TO 72.1 PENCE PER SHARE VALUE OF LAND BANK UP 13.1% TO £2.3 BILLION OF FUTURE GROSS MARGIN ANNOUNCEMENT OF LONG TERM STRATEGIC PLAN AND RETURN OF £13 PER SHARE IN CASH The Berkeley Group Holdings plc ("Berkeley") today announces its unaudited preliminary results for the year ended 30 April 2011 together with the results of a strategic review. HIGHLIGHTS · Profit before Tax Up 23.5% to £136.2 million (2010: £110.3 million) · Operating Margin Up 1% to 18.3% (2010: 17.3%) · Net Asset Value per Share Up 11.4% to 709.2 pence (April 2010: 636.7 pence) · Share buy backs Acquisition of 3.8 million shares for £30.0 million at an average price of 785 pence per share. · Net Cash £42.0 million (April 2010: £316.9 million) · Cash due on Forward Sales Up 25.5% to £813.5 million (April 2010: £648.1 million) · Land Bank 27,026 plots and £2.3 billion of future gross margin - an increase of 13.1% since 30 April 2010 · Return on Equity Pre-tax return on shareholders' equity of 15.3% (2010: 13.3%)
http://investegate.co.uk/Article.aspx?id=201106240700060357J
Friday preview: Brokers divided on dividends for Berkeley Date: Thursday 23 Jun 2011 LONDON (ShareCast) - London and south-east house builder Berkeley raised the bar for full-year results back in March when it said earnings would be at the high end of its expectations. Brokers responded by revising their forecasts, and expectations now are for pre-tax profit of £129.8m on sales of £694.5m. Panmure Gordon is above the median forecast with its prediction of profits of £131.2m. The broker goes for earnings per share of 70.5p (consensus: 70.71p), and thinks shareholders will have to wait a while longer for a resumption of dividend payments, as it anticipates the group will continue to focus on land investment. Not all brokers agree; consensus is for Berkeley to pay a dividend of 2.72p, its first pay-out since 2004. “In terms of sector commentary, we expect the group to comment that conditions have remained pretty robust. We know that London has continued to outperform the rest of the UK and this is borne out in Berkeley Group’s performance over the past couple of years, with the group maintaining a net margin in the high teens,” Panmure Gordon said. “When we last heard from the group it reported a 25% increase in reservations, primarily driven by more sites coming on stream, and we would have expected this momentum to have continued in the weeks since," the broker added.
Panmure Gordon re-iterated its "hold" rating and 911p target price for housebuilder Berkeley Group Holdings (BKG). Ahead of full-year results next week, the broker said it expects to hear a positive statement from the "high quality operator". Nevertheless, believing that the stock looks fully valued, Panmure prefers to maintain its neutral stance. Shares in Berkeley, which earlier in the year announced that it expects to report earnings at the high end of its expectations for the 12-months ended 30th April 2011, added 5p to 1,141p.
Berkeley Group (BKG) anticipates reporting earnings at the high end of its expectations for the year ended 30th April 2011, the housebuilder announced as winter sales reservations jumped and visitor numbers held steady. The company, which specialises in luxury flats, added that the investment in work in progress will enable a further growth in earnings in 2011/12 if overall market conditions permit. Shares in Berkeley gained 36p to 1,040p.
http://www.investegate.co.uk/Article.aspx?id=201103180700091750D
Berkeley to hit high end of forecasts By Philip Whiterow Date: Friday 18 Mar 2011 LONDON (ShareCast) - London and south-east housebuilder Berkeley continues to benefit from the region's position as a pocket of strength in an otherwise gloomy housing market. "Berkeley anticipates reporting earnings at the high end of its expectations for the year ended 30 April 2011 and the investment in work in progress will enable a further growth in earnings in 2011/12 if overall market conditions permit," it said. Sales reservations were up 25% between November and February on the same time last year. "Cancellation rates are at historically low levels, while visitors per site has been consistent with the same period last year, reflecting the current mortgage market conditions, with an increase in the number of outlets leading to the higher levels of sales overall," the firm said. "Forward sales currently exceed £800m, while build costs remain benign with underlying increases in fuel and commodities offset by excess capacity in the construction sector," Berkeley added. In the period, it acquired a further 1,000 plots across 8 new sites bringing the total number of plots acquired in the year to 3,500 across 21 sites.
This bb is an historic document. Today's price at 1,040 and posters [below] talking about 760. Question is where does it go from here?
after the huge sell off recently,remember this was almost 900 a few weeks ago
Saad fund dumping half their stock in for a rocky ride me thinks
9-Jun-09 - 16:35:28 - buy @ 782p - value £2.805M
Any idea about the sale of 16 million shares today? Anyone has more info?
correction 784.4
sell price 284.4
up to 780
huge investor sells stake at discount because he is in fiscal trouble. Good opportunity to top up...get in quickly
I do not know but i just got in @770 - i wish i got in earlier - my gut feel is it will go up to early 800s later today.
Why the drop ? anyone ? Tempted to buy in today. Seems to be recovering at the mo ...
anyone see this moving over 900 anytime soon, seems to have hit resistance , any news ? opinions?
Back to December levels now.In the past were good at affordable housing and Tony Pidgeley isa smart operator.This might be one of the better recovery plays in a year's time.
See the key that is two up from the bottom left key on your keyboard with the words "Caps Lock" on it ? Try pressing it ... unless you want to look like a screaming wierdo ?