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The first year (TW.)     

hangon - 02 Jul 2008 22:01

Oh dear, two large companies combine and, like an intergalactic "event" only negative matter remains....a case of 1 + 1 = 0.2

Let me say - sp a year ago was 10x today's - so this business has earned its place in the 90% club....and maybe more to come, as they will need to go overseas for cash, if the UK is dry.

I doubt there is a UK Builder with enough dosh to bail-out this dullard. They all thought they could expand until the UK burst with immigrants - yet they consistently went for pricier properties and projects where ( even now), there is some doubt whether there are enough jobs to support new-build developments.

EDIT ( Nov 2015 ) - Seven years on and we're at 183p - so anyone that bought at the all-time Low has done very well - but the Market was fearful and that meant few were Buying. 2009/2010 averaged about 40p - that was a good time if you had the LT cash.
With the rise and yield-multiplier effect, this is looking like Buying it was "probably" inspired.... but it has not regained that earlier Value - which will surely take a lot longer.

HARRYCAT - 21 May 2012 15:49 - 545 of 815


Balerboy - 21 May 2012 19:44 - 546 of 815

Touche midnight, not a complete mess yet so am hanging in there, whilst you swan off to Dubai.,.

midknight - 25 May 2012 14:35 - 547 of 815

25 May: TW. Investec Securities: Buy - TP up from 52 to 54.

HARRYCAT - 30 May 2012 12:01 - 548 of 815

From Howard Archer (
"Not only does housing market activity remain very low compared to long-term norms, but the fundamentals are problematic for the housing market with unemployment high, earnings growth muted, and the economic outlook both difficult and uncertain. In addition, relatively tight credit conditions may well make it hard for many people to get a mortgage. On top of this, some mortgage rates have risen recently due to lenders’ higher borrowing costs in wholesale markets and this could well weigh down on housing market activity.
Furthermore, the housing market may well be hit in the near term at least by heightened consumer concern over the economic outlook following the news that the UK is officially back in recession with GDP contracting 0.3% quarter-on-quarter in the first quarter. Serious worries over the situation in Greece and how this could hit the UK economy may well also lead to increased caution over buying a house. Housing market activity may well also be limited in the near term as a result of the stamp duty concession having brought forward a significant amount of fist-time buyer activity into early-2012/late-2011. Indeed, Hometrack’s latest survey showed that growth in new buyer enquiries slowed to just 0.4% in May from 2.1% in April and 4.4% in March."

midknight - 02 Jul 2012 16:02 - 549 of 815

Magical 52/53 on the horizon again!

Balerboy - 02 Jul 2012 18:47 - 550 of 815

it's going through this see.,.

midknight - 03 Jul 2012 09:48 - 551 of 815

Baler, as a veteran sailor, you should know that
boats appear on the horizon and then disappear.
Th early bird catches the worm,but the second
mouse gets the cheese, as they say.
so you will be proved right one day. The question is,
will it be this time. I have my doubts, as usual.

skinny - 04 Jul 2012 07:35 - 552 of 815

Half Year Trading Statement.


Despite the continued uncertainty in the Euro-zone and global economy, the UK housing market has remained stable throughout the first half of 2012 and we will report improvements across all key financial metrics at our half year results.

These improvements are the result of the continuing implementation of our strategy, driven by a combination of: increasing the proportion of strategic land sites; improving returns from land purchases since the downturn; an ongoing tight focus on costs and value optimisation; and the increasing benefits from our new housetype range.

We continue to focus on the creation of medium to long term value for our shareholders, which we believe is best delivered through the core skills of strategic land management, targeted and well-timed land acquisition and providing our customers with high quality, desirable homes that are efficient to build. While we retain an overall cautious approach, maintaining tight control over the level of debt and exposure to land creditors, we continue to take advantage of selective opportunities to acquire land at attractive return levels.

In the short term, assuming that current stable UK housing market conditions continue, we expect to continue to achieve improved performance period on period and to deliver full year returns in 2012 that are ahead of our cost of capital and in line with our expectations. Should market conditions weaken, our high quality land portfolio, increased order book and strong balance sheet put us in a strong position.

Current trading

UK market conditions remain stable, with underlying pricing unchanged over the course of the first half of 2012. Mortgage lending continues to be restricted, although we have been encouraged by the introduction of a number of higher loan to value products since the start of the year, most notably under the NewBuy scheme.

We have maintained our strong sales performance during the first half of this year, achieving an average private net reservation rate of 0.60 sales per outlet per week (H1 2011: 0.56). This rate includes a total of 201 home reservations under the NewBuy scheme since its launch in March 2012, representing around one-third of overall industry reservations. We have increased our use of the government-backed FirstBuy scheme, although we retain our cautious approach to the use of shared equity incentives in general. Cancellation rates remain below the long term average at 15.1% (H1 2011: 15.1%).

We completed a total of 5,083 homes during the first half of 2012 (H1 2011: 4,707), of which 4,137 were private completions (H1 2011: 3,675), 893 were affordable completions (H1 2011: 1,004) and 53 were our share of joint venture completions (H1 2011: 28). The overall average selling price of these completions increased to circa £175k (H1 2011: £168k). The average selling price on private completions increased to circa £188k, reflecting a higher quality product mix in terms of both size and location (H1 2011: £182k). The average selling price on affordable completions decreased to circa £115k (H1 2011: £117k).

Having completed the roll-out of our new housetype range during 2011, the benefits to the business are increasing as they are plotted on a growing number of sites. These homes, which are designed to be high quality, desirable, extremely energy efficient, cost effective and safe to build, have been well received by our customers.

As previously announced, following the disposal of our North American business, the Group will no longer be reporting a 'Corporate' segment in our financial statements, with the former 'Corporate' overheads now being accounted for within the UK Housing segment. We expect to report an operating margin for the first half of approximately 11% (H1 2011 restated: 8.4%).

Our continuing prioritisation of margin improvement ahead of volume growth is also reflected within our order book, where we have achieved additional margin progression since the year end. The total order book value, excluding completions to date and joint ventures, was £960 million at 1 July 2012 (3 July 2011: £932 million), representing 5,720 homes (3 July 2011: 5,989 homes). This growth in the value of the order book has been driven by private reservations, with an 18% increase in the value of the private order book more than offsetting a decline in the value of the affordable order book.


Following the recommencement of the dividend at the 2011 full year results, the Group intends to pay an interim dividend. In line with the policy outlined at that time, this interim dividend will be calculated with reference to the net asset value of the Group and is expected to represent around one-third of the total dividend for the year.

magicjoe - 26 Jul 2012 11:59 - 553 of 815

1st day of bounce back from 42.75p to 43.80p
looking like an intraday double bottom


midknight - 27 Jul 2012 13:06 - 554 of 815

27 July - Upgrade from Panmure Gordon: Buy - TP 53p.

So. what's new! Often gets to 53p and falls back.

Baler, please note. Take profits this time before the boat leaves.

Balerboy - 27 Jul 2012 21:01 - 555 of 815

aye aye cap'n

skinny - 01 Aug 2012 07:14 - 556 of 815

Half Yearly Results

Ongoing implementation of strategy delivers 50% increase in operating profit


· Group operating margina increased to 11.1% (H1 2011: 8.2%)

· Group Return on Net Operating Assetsb increased to 11.6% (H1 2011: 7.2%)

· Tangible net asset value per sharec 58.0p (3 July 2011: 57.0p)

· Group operating profita increased by 50% to £100.9 million

· Group pre-exceptional profit before tax increased by 171% to £78.2 million

· Further significant improvement in UK operational performance:

o UK operating margin increased to 11.4% (H1 2011: 8.4%)

o Growth in completions to 5,083 (H1 2011: 4,707)

o Increased average selling price of £176k (H1 2011: £168k)

o 18% increase in the value of the private order book to £688 million

o 6,890 new plots approved for purchase (H1 2011: 5,289)

o Planning consents achieved on 1,565 plots from our strategic land portfolio

o Customer satisfaction increased to 91.8% (H1 2011: 89.5%)

o H1 Injury Incidence Rate of 259 per 100,000 employees and contractors (H1 2011: 231, FY 2011: 378)

· Interim dividend of 0.19 pence per share declared (H1 2011: nil)

· Repurchased a further £5.6 million of 10.375% Senior Notes due 2015

Balerboy - 06 Aug 2012 09:15 - 557 of 815

on it's way again 48.8p so far, BDEV also on the move.,.

midknight - 06 Aug 2012 10:23 - 558 of 815

BB, I think this time it could happen, though
I am using the conditional 'could' and not the
indicative 'will' but am becoming optimistic, like a sailor
I know!
The boat might possible stay in the harbour a bit longer
and linger this time.

Balerboy - 06 Aug 2012 13:43 - 559 of 815

sounds more like a politian than an investor to me ;)

Balerboy - 15 Aug 2012 10:04 - 560 of 815

Touching 50p again, go on break through the magic 53....... wheres midnight .,.

midknight - 15 Aug 2012 11:36 - 561 of 815

I'm here. Limit sell at 52.95 in place.
Don't wish to tempt fate. Slow and steady
is good enough for me.

HARRYCAT - 15 Aug 2012 11:54 - 562 of 815


midknight - 15 Aug 2012 16:30 - 563 of 815

BB: Housebuilders on the march. it seems
after PSN 'Buy' reiterated by Panmure.
TW getting to my sell price, I think.

skinny - 21 Aug 2012 14:12 - 564 of 815

3 year+ high (52.40) today - ex dividend tomorrow.
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