The level of mortgage funding for individuals hit very low levels at the end of the year and the availability of funding for land purchase was severely constrained. In light of this economic situation, we are therefore pleased to report a solid performance for the year with profit before taxation and exceptional items of £4.1m on turnover of £61.7m.
The legacy of being prudently managed has resulted in this strong performance and equally ensures a certain and profitable future for the business. With the policy of seeking early pre-sales on the private development schemes, maintaining a strong contracting base and robust cash management the group has successfully handed over 504 homes and delivered a year end cash balance of £13.2m."
Extract from Report of the directors for the year ended 31 December 2008 report-and-financial-statements-31-12-2008.pdf (802.2 KB)