Business
Results for the year ended 31 March 2013
Results for the year ended 31 March 2013.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 3845F Quintain Estates & Development PLC 23 May 2013 \n \n\n23 May 2013\nQuintain Estates and Development PLC\n(\"Quintain\" / \"Company\" / \"Group\")\n \nResults for the year ended 31 March 2013\nBuilding Momentum\n \nQuintain, the London development and investment specialist, today announces its results for the year ended 31 March 2013.\nHighlights\nGreenwich Peninsula\n· Established new joint venture, securing funding for the 14 million sq ft development\n· Works for 500 homes at Peninsula Riverside underway, kick-starting the next phase of residential development\nWembley\n· 500,000 sq ft of new development delivered including the Hilton Hotel, with London's first ever designer outlet on track to open later this year \n· Original 5.3 million sq ft planning consent enhanced, increasing future value for shareholders\nCorporate\n· Creation of sustainable new income streams from development management fees at Greenwich Peninsula, the Grafton acquisition and expanded iQ portfolio.\n· Strengthening of the balance sheet through £184 million of capital recycling \n· On track to meet 2014 debt reduction target: now two thirds delivered\n \n\n\n\n\nFinancial Summary\n\n\n2013\n\n\n2012\n\n\nMovement\n\n\n\n\nGross profit\n\n\n£25.6m\n\n\n£24.9m\n\n\n£0.7m\n\n\n\n\nAdjusted profit before tax\n\n\n£8.2m\n\n\n£5.8m\n\n\n£2.4m\n\n\n\n\nEPRA diluted earnings per share \n\n\n1.8p\n\n\n0.3p\n\n\n1.5p\n\n\n\n\nGroup net debt\n\n\n£444m\n\n\n£535m\n\n\n £(91)m\n\n\n\n\nBasic Net Asset Value per share\n\n\n104p\n\n\n110p\n\n\n(6)p\n\n\n\n\nEPRA diluted Net Asset Value per share\n\n\n105p\n\n\n116p\n\n\n (11)p\n\n\n\n\n \nWilliam Rucker, Chairman, said:\n\"Significant progress has been made with re-positioning Quintain this year. We have delivered well against our financial objectives of reducing Group debt and creating sustainable new income streams, whilst improving the speed and quality of delivery at both Wembley and Greenwich Peninsula. The actions taken over the last 12 months have set the business on the right track to deliver sustainable returns and growth for shareholders.\"\nMax James, Chief Executive, s...