Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Housing boom lifts McAlpine sales

Lucy Baker
Thursday 02 September 1999 18:02 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

ALFRED MCALPINE, the UK housebuilder that is the target of an approach by an unlisted property group, reported strong half-year results yesterday, but these did little to improve the company's share price.

McAlpine said its pre-tax profits were up 52 per cent at pounds 17.3m for the six months to 30 June. Turnover increased to pounds 355.7m from pounds 321.7m, benefiting from low interest rates and a recent boom in the housing market.

On Tuesday, the company announced it had received a second, unsolicited approach from Andrew Goodall, the Brighton Marina owner who runs the family- owned property firm Brunswick Developments. It is thought the offer is backed by Phillips & Drew Fund Management, McAlpine's largest shareholder that sold a 3 per cent stake to Brunswick last week and that supported Mr Goodall's first attempt to acquire the firm in April.

Oliver Whitehead, McAlpine's chief executive, said he was not able to comment on the status of talks with Brunswick, but said he expected to be able to make an announcement in the next few weeks. He also declined to comment on whether his company had received any other approaches since Tuesday.

Mr Whitehead said his target of achieving 15 per cent earnings-per-share growth each year for the next three years remained in place. He said the group would continue to focus on both its homes and construction divisions. McAlpine's private housing unit lifted its operating profit for the half to pounds 15.7m, matching the margin achieved for 1998 as a whole. In construction, Mr Whitehead said he was particularly pleased with the success of the special projects division, set up three years ago.

Brunswick's cash offer of 260p a share values McAlpine at pounds 294.8m. McAlpine shares closed up yesterday at 258p from 256.5p.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in