8 Dec 2017 11:36
Places for People Group Limited Trading Update for the Period Ending 30 September 2017
Places for People Group Limited (the "Group") is pleased to issue its unaudited trading update for the six month period ending 30 September 2017 ("2017"). All comparatives are to the prior year equivalent period being the six months ended 30 September 2016 ("2016").
Highlights
· Operating profit has increased by 8% to £87.0m (2016: £80.2m) and the operating margin has improved to 23.3% (2016: 18.9%).
· Fixed assets has increased to £4.0bn (2016: £3.7bn).
· Net profit has increased by 20% to £44.7m (2016: £37.1m).
The Group's half‐year results show a year‐on‐year growth in operating profit. Operating margins have improved due to the introduction of Derwent Living to the Group in December 2016 and the Group continuing to target service and asset management costs. Turnover is lower compared to 2016 due to reduced development activity in the first half of 2017.
The Group's strong results further demonstrate the success of our diversification strategy and the continued drive for efficiency and focus on operating margins.
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http://www.rns-pdf.londonstockexchange.com/rns/8208Y_-2017-12-8.pdf
A copy of the above document has also been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM.
For further information, please contact:
Places for People Group LimitedTax and Treasury Director80 Cheapside, London EC2V 6EE
Telephone: +44 (0)1772 897 200
Fax: +44 (0)1772 897 578
Email: matt.cooper@placesforpeople.co.uk