Surrey housebuilder prepares ground for public flotation as its posts a profit of 拢62m
Pre-tax profit at Gladedale, the private housebuilder, rose 48% to 拢61.7m in 2005, boosted by growing demand across the UK and the first contribution from Country & Metropolitan, which it bought in April last year.
Completions increased 50% to 2801 to the year ending December 2005.
Gladedale, which has its headquarters in Epsom, Surrey, announced that David Gaffney, the group鈥檚 managing director, had been appointed chief executive. The move was intended to align the company鈥檚 structure with that of publicly quoted housebuilders.
Remo Dipre, who came in at 192nd in The Sunday Times Rich List with a 拢300m fortune, will continue in the role of executive chairman. Colin Ingram, finance director at Manner Kingdom, Gladedale鈥檚 sister company, leaves the board.
Ingram has been replaced by Philip Curwen, who joined from Berkeley Homes where he was a regional director. Dipre鈥檚 son John has joined the board as group development director.
Remo Dipre said that although Gladedale was modelling itself on a quoted company, there were no immediate plans to float on the stock market although he added: 鈥淣ever say never.鈥
Gaffney said that each region of the company had performed well, although the Scottish division had contributed most to profit. Turnover last year rose 39% to 拢483m.
Gladedale increased its landbank by almost 35%, from 26,000 to 35,000 plots.
Dipre said Gladedale was interested in more acquisitions, 鈥渄epending on the market and opportunities鈥.
However, he indicated that a purchase would not be imminent: 鈥淭he market has picked up a lot and therefore companies are a bit expensive,鈥 he said.
Looking forward Dipre and Gaffney said the same level of growth at the company was sustainable this year, despite a 鈥渞obust but challenging鈥 market at a regional and national level.
Dipre said Gladedale had started 2006 with its strongest ever order book and the highest number of selling outlets in the group鈥檚 history, 25% more than at the same time last year.
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