Finance

2005 Interim Results - Profit Before Tax

• 12th successive year of interim profit growth
• 63% increase in profit before tax to £38.7m (2004: £23.7m)
• 28% increase in profit before interest and disposal of fixed assets to £41.1m (2004: £32.2m)
• Housing profits up 38% to £36.6m (2004: £26.6m)
• Housing operating margins of 20% (2004: 13%)
• Property profits up 19% to £5.1m (2004: £4.3m)
• Construction order book of £296m

Previous Interim Results - Profit Before Tax (excluding exceptional gains)

• 2004: £23.7m (restated)
• 2003: £11.1m
• 2002: £7.5m
• 2001: £6.8m
• 2000: £6.1m
• 1999: £5.3m