The company, which said pretax profit almost doubled in the full-year, said market conditions have returned to a more seasonal pattern of activity, meaning fewer people buying in the summer, with more in the spring and autumn. This comes after
Like its peers, the company has ramped up housebuilding in the face of strong demand. It said legal completions rose 27% to 3,597 compared with 2,887 a year earlier, spurred by the
The first phase of the Help to Buy scheme in
During the year,
The sales rate for the last financial year reached a level of 0.70 per week, compared with 0.62 per week a year earlier.
"Now that Help to Buy has settled down, we do not expect any further increases in sales per outlet. Further growth in the business now needs to come primarily from growth in outlets rather than sales rate,"
At the period-end the company said it was operating from a total of 103 outlets compared with 92 a year earlier.
"An increase in the number of outlets is absolutely necessary to enable
Meanwhile, the company said it made some progress in terms of its land bank. During the year it secured a total of 6,092 new plots, of which 2,139 were converted from its forward land bank.
At the period-end the company's land bank totalled 16,724 plots, an 18% increase on the previous year. However, the average plot cost rose to
"Market conditions have returned to a more seasonal pattern of activity. We have substantially increased our land bank, which should see a good growth in the number of outlets during the year," Chairman
On the back of its performance the company increased itsdividend to
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