Connaught’s focus on social housing has enabled it to defy the doom and gloom hanging over construction.
The group’s share price, which at 342.5p is 12 times next year’s earnings, gets a “hold” recommendation from the Tempus column of The Times. Connaught has a £3.6bn pipeline of social housing work. Yesterday, it announced a toehold in two adjacent niches; a £18m contract with MODern Housing, the venture that maintains military accommodation; and a £25m deal with Unite Group, the quoted student landlord.
22/04/09 Times 43 Daily Telegraph B6 Independent 41
