Housebuilder Charles Church Developments, which came to the stock market in April, has announced pre-tax profits up 90% to £11.9m (£6.2m) for the year to August 31. This was ahead of the forecast of £11m made at the time of the flotation.
Likewise, turnover at £73.8m for the year to August 31 was ahead of forecasts: £60m had been predicted. Earnings per share were 9.5p (3.9p) and a dividend of 1p per share (nil) is to be paid.
After tax, the profit attributable to shareholders is reduced to £4.8m by the results of “discontinued activities”, notably a mistimed foray into the commercial property market in Houston, Texas.
Chairman Charles Church is optimistic despite recent events. Although the company has a reputation for building only for the top end of the market, he says it is maintaining a range from £50,000 one-bedroom starter homes to five-bedroom houses. And he says that the company has the management skills to compensate for any reduction in the market: “We are confident that our planned increase in production for the current year should produce further turnover and growth.”
By September his company had a landbank which included 1,153 plots with consent, 1,506 plots pending consent, and conditional contracts or options on a further 7,529.
In January, Charles Church London started business, while in August the company acquired the Essex-based County Homes.
