Ben Bailey expects full year results to be "very satisfactory"

Ben Bailey PLC has announced a 163% jump in earnings for the first half and said today (Tuesday) that it expects a "very satisfactory" performance for the full year.

Pre-tax profits rose to £5.83m in the six months to the end June from £2.22m last time, on sales up 54% to £8.85m.

During the period, average selling price rose to £147,900 from £121,000 and the operating margin improved to 21.7% from 16.4%.

The number of plots sold rose to 195 from 174 and Ben Bailey's land bank now stands at 1,278 plots, plus 372 plots under contract.

Chairman Richard Bailey said forward reservation levels are higher than at the same time last year and added that there are no current indications of downward pressure on selling prices in the company's area of operations in the North of England.

"Based upon these factors, and with the strength of the company's land bank contributing to a structured build programme, I am confident of a very satisfactory performance for the current financial year," he added.