Just a brief post on my impressions on yesterday - all imo dyor caveats on here of course.
Very assured performance by the BoD. I was expecting a presentation but they had decided to just take questions. Their strategy was re-iterated that they intend to extract maximum value from land by improving the value of land. Whether that be by land acquisition/planning/sale and or house building. There is far more profit for them in the former. House building will be an integral part of the business and 250/pa new homes is a good number for them. The environment is excellent for them at the moment. The CEO was absolutely glowing (well as glowing as Steve can appear lol) about the recent land acquisition of Wilton Park. He stated that it was a fantastic opportunity and from the description it will be highly sought after. Cash remains king for this Company with a healthy paranoia towards it, having experienced a torrid time at the financial crash and very nearly being put out of business by RBS. It is clear that they never want the Company to go through that pain again. As for the incentive programme being voted on soon, I haven't seen the documentation yet but as well as profit targets, there are targets for sp growth. I think the Chairman said 35% 12 months from the implementation scheme, 15% for the next 12 months and then 10-20% for the next 12 months. I need to check these numbers and also the base sp that the increases will be based on. If anyone has the detail perhaps they can share it. NAV was discussed with a reminder by the Chairman that NAV is affected by profit/assets and the land they bought several years ago is not quoted in the financials at todays book value - hence underlying profit is not currently benefiting from this but will as soon as it is sold. Very confident looking BoD and that was a summary of the highlights for me.
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