Trading statement8 Jul 2010 08:19
http://www.advfn.com/p.php?pid=nmona&article=43522964&symbol=LSE%3Agfrd
HIGHLIGHTS
� Full year results expected to be in line with the upper end of market
expectations.*
� Net cash in excess of GBP75 million at 30 June 2010, significantly ahead
of expectations (30 June 2009: GBP34.1 million).
Housebuilding
� Total housing completions of 1,705 units; 1,624 net of joint venture
partners' share (2009: 1,825 and 1,769).
� 10% increase in average selling price to GBP190,000 (2009: GBP172,000)
� 25% increase in housing sales carried forward at GBP201 million (2009:
GBP161 million).
� 23% increase in total landbank to 9,600 plots (30 June 2009: 7,800
plots).
� 56% of landbank secured at current market values, ahead of new land
acquisition target and up from 36% at the half year.
� Significant opportunities arising from leading position on Homes and
Communities Agency's delivery partner panel.
Construction
� Performing to expectations in challenging markets.
� Order book maintained at GBP1.8 billion (2009: GBP1.7 billion).
� Excellent cash management across construction businesses.
� Renewal of 5 year water frameworks completed successfully.
� 77% of projected revenue for new financial year secured (2009: 67%).
Greg Fitzgerald, Chief Executive, commented:
"We are ahead of our target for delivering the transformational housebuilding
expansion plan announced with the rights issue in September 2009. We have also
maintained a quality construction order book in increasingly challenging market
conditions. The strength of the group's finances and the spread of its
activities mean that, subject to the economic uncertainties affecting our
markets, we are well positioned to deliver our planned progress."