A Message from the Managing Director: March 2025

In our recent half year results announcement, I was pleased to report strong financial results, driven by continued demand for our products and strategic growth initiatives. 

Cedar Woods reported strong performance for the first half of FY25, with first-half revenue of $196 million and net profit after tax (NPAT) of $15.0 million, compared to $2.6 million in the previous corresponding period. It is common for our business to have uneven contributions from half to half and accordingly we manage the business for full year earnings outcomes. Regardless, it represents a great earnings outcome and sets the business up well for the second half. We were excited to announce a 25% increase in our interim dividend, at 10.0 cents per share. 

We reported record presales of $642 million, up 22% from the previous corresponding period. We are confident in a solid second half and expect at least 10% growth in full-year net profit after tax for FY25. With more than half of our forecast FY26 revenue secured, we anticipate further earnings growth in FY26. The favourable macroeconomic environment—driven by strong population growth, low unemployment, and a national housing shortfall—continues to support our growth, and we are well-positioned to capitalise on these factors. 

Sales across our projects remained strong, with particularly high demand for affordable housing, which has been a key focus for us. In Western Australia, for example, our Millars Landing project saw 14% price growth, and in Queensland, our Flourish community recorded over 20% price growth. 

Our strategic acquisition efforts also remain a priority. We are actively pursuing opportunities to expand our portfolio, including a recent acquisition in Corio, Victoria, which will provide around 400 lots at affordable price points. This acquisition, along with ongoing partnerships and developments, will support Cedar Woods’ long-term success and growth. 

Looking ahead, we are well-positioned for a strong second half, with a solid balance sheet supporting our growth. Demand for new housing remains robust, and our record presales provide confidence in our ability to deliver strong results. While the timing of some settlements due in FY25 may extend into FY26, our pipeline of developments and strategic acquisitions ensure we remain on track for continued success.