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Fri, 27th Jan 2017 15:32
(ShareCast News) - Property developer Formation Group on Friday reported a slight decline in full year pre-tax profit as administration expenses and cost of sales rose.The AIM-listed company posted pre-tax profit of £2.1m in the year ended 31 August, down a touch from £2.2m the previous year. However, revenues jumped 24% to £29.4m from £23.7m, driven by an increased number of contracts and a rise in the sales of a number of apartments on the completed Iverson Road development in London's north west. "It is expected that revenue will grow over the coming financial year with various large work contracts in place and additional sales on the Iverson Road development," said chairman William O'Dea.Formation's results were supported by a strong London market where prices of homes continue to rise.Chief executive David Kennedy said the group continues to strengthen its presence in the London property market through a profit share participation at Norwich House in Streatham, and the completion of the development on Iverson Road."The outlook for the group is optimistic as the UK economy comes to terms with the impact of 'Brexit vote' in June 2016, and the directors continue to monitor market activity," he added.
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24 Feb 2015 06:19
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4 Jul 2014 14:22
Formation Group JV receives payment for Aldgate development
AIM-listed Formation Group jumped on Friday after announcing the money owed to its joint venture (JV), Finance Ventures, by Redrow in relation to the Aldgate East Property Development has been received. Formation, which holds a 36.88m stake in the JV, said it expects to receive £6.8m for its share
Read more30 May 2014 15:16
Formation Group posts wider half-year losses
Formation Group, a property development and project management company, posted a widening of first-half losses despite delivering a rise in revenue. The company, which has undergone a recent restructuring, posted half-year losses of £0.17m compared to £0.10m a year earlier, on revenue of £3.23m, w
Read more30 May 2014 11:46
UK MIDDAY BRIEFING: Fenner Slumps On Profit Warning
LONDON (Alliance News) - Polymer products manufacturer Fenner saw its shares plummet Friday, after it issued a profit warning that it blamed on a further deterioration in trading in the US and the loss of a profitable contract in Australia.
It is the biggest faller
30 May 2014 11:08
UK WINNERS & LOSERS: Smith & Nephew Leads FTSE 100 Risers Again
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Friday.
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FTSE 100 - WINNERS
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Smith & Nephew, up 2.2%. The medical technology company, which closed as the blue-chip inde
30 May 2014 10:11
Formation Group Appoints Former Irish Defence Minister As Chairman
LONDON (Alliance News) - Formation Group PLC Friday said it has appointed former Irish Minister for Defence William O'Dea as its non-executive chairman with immediate effect. O'Dea is a an Irish Fianna Fáil politician and a Teachta Dála, the equivalent of a member of parliament, for the Lim
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