Oakdene issues record results after AIM switch

Oakdene Homes, the south of England housebuilder, has issued its first interim results since being admitted to AIM - the junior section of the Stock Exchange - in May.
Pre-tax profit has jumped by a third to a record £2m, while turnover has climbed by almost a half to £7.3m. Operating margin in six months to 30 June was within a whisker of 30%.
Moving from OFEX to AIM enabled Oakdene to raise £5m and some of this has been used to reduce the group's gearing (ratio of debts to assets).
"We have continued to acquire land largely subject to successful planning applications being obtained, and our landbank secures our future building programme at current levels for the next three years," said chief executive Carl Turpin.
"The move to a new headquarters in Reigate has proved successful, allowing for the expansion of our in-house activities to include architectural and engineering services, both of which have led to greater efficiency. We now have computerised integrated systems covering all disciplines, from land acquisitions through to sales and marketing."
Oakdene has new build sites in Reigate, Croydon and Lewes and its focus is to build properties selling for less than £200,000.