A Message from the Managing Director: Half Year FY23 Results
22 February 2023
Today Cedar Woods released our first half FY23 results to the market, reporting a half year NPAT of $9.1million.
Consistent with the last two years and in line with previous guidance, earnings will be weighted to the second half of FY23 due to the timing of settlements.
At the end of the first half, the Company had a strong $509 million in presales with approximately 50% of this expected to settle in the second half of FY23 and the balance contributing to earnings in FY24 and FY25.
Supportive macro themes and fundamentals such as low unemployment, low vacancy rates and supply limitations are expected to support the new housing sector and ultimately drive its recovery.
During H1 FY23, a number of developments progressed, with some completed. At Williams Landing in Melbourne, Lincoln Apartments were settled. At St. A., also in Melbourne, the final three townhouse stages of this masterplanned community were completed, concluding this successful development.
Construction has commenced on the Company’s latest large-scale masterplanned community, Eglinton Village. Excitingly, Eglington Village has launched to the public today with the first lots now available for sale. Located 45 kilometres north-west of Perth’s CBD, Eglinton Village will be on the doorstep of the Eglinton train station, which is currently being delivered by the WA Government and is forecast to open later in 2024.
With strong presales and national pipeline of more than 10,500 dwellings, lots and offices, across four states Cedar Woods is positioned well for a market upturn.
Read the full ASX announcement here.