Prowting powers ahead
Wednesday 10 May 1995
Prowting, the south of England based-housebuilder, reported a 134 per cent surge in pre-tax profits to £9.6m for the year to the end of February, despite continuing political and economic uncertainties affecting the market.
The growth was due to the effects of a full year's contribution from Galliford Homes, acquired in 1993, and organic growth from existing businesses.
The company started 1,154 new houses, up from 644, as more development sites were brought on stream.
Although the housing market as a whole was still very uncertain, new house sales had increased to 13 per cent of the total market, up from 10 per cent.
The company had benefited from developing its Prowting brand homes on the same sites as Galliford. This dual branding of the sites would become an increasing factor in the company's strategy.
The company blames economic and political factors for a patchy market. One week things are looking good, the next they are down again, TerryRoydon, chairman, said.
"People haven't got the confidence back. There is still pent-up demand waiting to be unleashed," he added. "The Government seems to have lost its long- held view that it supports home ownership."
The reduction in mortgage interest relief and the erosion of mortgage support for the jobless had undermined confidence.
Mr Roydon said that land had become more expensive, but the company was confident it could continue to maintain its margins in the region of 10 per cent.
Turnover was £97m, up from £60m. Earnings per share are 7.8p (3.5p). The dividend for the year is 3.8p (3.4p).
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Glasgow 'riots': 'Dishonest' social media users accused of fuelling panic with pictures from London riots
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...