Banner Homes on way to full listing

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The Independent Online
BANNER HOMES, the USM- quoted property company, is set to return to the dividend list after three years and make progress towards a main market quote following interim results announced yesterday.

Pre-tax profits jumped to pounds 557,000 for the half-year, up from pounds 4,000 a year earlier, on sales of pounds 3.9m ( pounds 3.3m).

There is no interim dividend but the company expects to pay a final dividend next year and seek a full listing within 12 months. The shares closed up 12p at 103p.

Stuart Crossley, chairman and chief executive, who owns 78 per cent of the company, said improved margins, lower borrowings and lower interest rates were the main reason for the increased profits.

Banner sold 27 homes in the period, double last year's figure. Mr Crossley said the company would complete 90 homes in the present year, rising to 200 in 1993-94.

A new managing director, John Venner, has joined Banner from David Wilson Homes to help oversee the expansion.

Banner owns 10.7 per cent of two Business Expansion Scheme housebuilding companies, which it also manages. It has an option formally to adopt the companies in 1995 at a discount to market value.