Caution tempers Bryant's 47% advance
Wednesday 08 February 1995
Many broking analysts began scaling back full-year profit expectations as the shares fell 2p to 108p.
David Taylor at UBS reduced his forecast for 1995 from £48m to £46.5m. He expects a £52.5m result in 1996.
Bryant's taxable profits in the half-year to November 1994 rose to £21.4m from £14.6m, on turnover up 37 per cent to £244.5m.
Home completions advanced by 18 per cent to 1,745 against 1,480 last time, while the average selling price increased to £106,000 (£94,000).
Return on sales improved from 10.1 per cent to 11.3 per cent as Bryant continued the bias towards four and five-bedroom properties - 60 per cent of the total compared with 45 per cent a year earlier.
Andrew MacKenzie, chief executive, said housing remained on the fringes of economic recovery.
Employment concerns continued to constrain demand and Bryant's reservations dipped by 10 per cent at Christmas following a 30 per cent rise in the period under review. January had been better, however.
As for most housebuilders, Bryant said the next few months - a period usually accounting for 50 per cent of its total reservations - would be crucial for the full-year result.
The group was on track for 3,700 home completions over the full year, Mr MacKenzie said.
Housing operating profits rose to £20.6m (£13.5m), while an increase in the land bank to 10,250 from 9,800 plots pushed up gearing from 3 to 29 per cent.
The construction division experienced competitive trading, with profits falling from £2m to £1.1m, and has a forward order book of £70m. Meanwhile, the property arm moved out of the red.
Earnings per share rose from 3.6p to 5.2p and the dividend is increased to 1.45p (1.40p).
"The somewhat depressing thing, in a wider housing context, is that Bryant are viewed as a very well-run company. If they are cautious,others must be having worse difficulties," one analyst said.
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...