AIM listed Oakdene Homes increases profit by 84%

Oakdene Homes has increased pre-tax profit by 84% to £5.5m. The financial results are the first since the housebuilder joined the Alternative Investment Market in May last year.

The company also increased turnover by 79% to £21.4m and increased earnings per share by 83% to 31.1p per share for the year ended 31 December 2004.

Chairman Philip Stephens said that investment in technology had allowed the firm to expand operations without experiencing a corresponding rise in overheads.

He said: "We have a number of first class developments, both in the planning stage and the building stage and I am confident of being able to report further progress in the current year."

Growth was also boosted by the acquisition of Honeygrove Group in December 2004, which enabled Oakdene to increase its geographical spread. The housebuilder said it would continue to focus on the South East of England and dispose of a number of Honeygrove properties which fall outside this area.

Stephens warned said that sales in the first quarter of 2005 had been slow, but said that there were signs that activity was improving.