The growth in active sites and increased sales rates have resulted in a sharp increase in completions which looks set to continue in the second half of the year. As a result, we expect profit to be ahead of market expectations. Our financial strength and accelerated delivery from our mixed tenure model provide the basis for further growth in both the short and medium term. We are achieving our ambition of increasing scale in our Housebuilding division. The further momentum within Partnerships leads us to upgrade our FY18 completion targets by 10 per cent in this division.
Commenting on the results, Ian Sutcliffe, Group Chief Executive, said:
“Our strong performance across the business in the first half exceeded our expectations. In particular, our Partnerships division once again delivered outstanding growth and returns. We continue to be highly successful at winning new business in this division, with three large sites secured in the first half, at Bromley, Maidenhead and Barking. We enter the second half of 2017 in an excellent position with 81 operational sites and a record private forward order book. With strong operational delivery and an increasing pipeline of future work, we see continued outperformance in the medium‑term and are upgrading our outlook for 2017 and 2018.”