US housebuilder, mortgage lender and contractor Centex, which bought Fairclough Homes in April 1999, has announced strong third-quarter results – but a drop in completions at Fairclough.
In the three months to December 2000, the Dallas-based company saw earnings increase 8% to £42.8m. Turnover was £1.1bn, up 14.6% on the same period in 1999.
Housebuilding – of conventional and prefabricated homes – accounted for £720m of turnover in the third quarter of 2000/1 and £619m the preceding year.
Fairclough, acquired from Amec for £108m, built and completed 841 homes during the first nine months of 2000, compared with 1016 in the same period of 1999.
Centex says the structure of the Fairclough buy means that no earnings from it will be reported until the second quarter of 2001.
Centex's mortgages operation, the first owned by a builder, is expected to be operational by this summer.
