N HARDY | PEEL HUNT
I’m quite surprised that the share price has been as weak as it has been. They’ve bought a lot of land while keeping their debt under control. People would have expected their debt to be north of £100m and it’s only at £84m.
SIMON BROWN | NORTHLAND UK
A doubling of profits in the three years to April 2013 and a commitment to return £13 per share in a dividend stream from 2015 show long term strength in depth. The group has the means to deliver on its promises.
JONATHAN JACKSON | KILLIK & CO
Trading has remained robust, with net cash on forward sales exceeding £1bn. The group has continued to invest in land, acquiring a further seven sites to take its gross margin potential to over £2.5bn – ahead of previous guidance.