Inspace, Willmott Dixon’s demerged housing arm, has said it is committed to further growth after reporting a profit rise of more than a third in its full-year results.
Pre-tax profit rose 34% to £10.5m for the year ended 31 December 2006, excluding goodwill amortisation associated with the acquisition of Widacre, Willmott Dixon’s social housing arm.
Turnover at the company, which is listed on the alternative investment market, was £175m, 19% higher than the £148m it made in 2005. The company’s results were slightly ahead of market expectations.
Colin Enticknap, Inspace’s executive chairman, said after the results had been announced that the business had achieved a desired balance between its social and affordable housing and corporate assets businesses, and was now looking to grow all three at the same rate.
He said: “The coming year will be another busy one. We will look out for acquisitions, but haven’t factored these into our plans, which we believe can be delivered organically.”
The company’s broker, Seymour Pierce, has predicted an interim turnover of £115m and pre-tax profit of £5m, which will be 35% to 40% of the full-year estimate.