Property development group Cedar Woods says it expects to grow its profits further in 2014, after recording a record net profit for the year to June 30.
Cedar Woods today announced its net profit for the 2013 financial year grew 6.1 per cent to $36.3 million, while revenue rose 1 per cent, to $172.7 million.
The announcement was on par with the earnings upgrade announced in April of $36 million, compared to $34.25 last year.
Cedar Woods will pay a fully franked dividend of 15 cents per share to shareholders.
Managing director Paul Sadleir (pictured) said Cedar Woods had achieved its record profit by focusing on areas with ongoing, sustained residential demand and offering a range of housing products, which would hold it in good stead to continue delivering consistent profit growth.
"This record profit performance is testament to Cedar Woods' ability to efficiently develop its portfolio of strategically located and diverse residential projects in Western Australia and Victoria," he said.
Mr Sadleir will be speaking at a Business News event on September 19, ‘High Performance: How three local CEOS have consistently driven outstanding returns to their shareholders’, with Amcom managing director and chief executive officer Clive Stein and Sirius Resources managing director and chief executive officer, Mark Bennett.
Population growth, a shortage of established properties available for rent or sale, and low interest rates set the scene for Cedar Woods to achieve strong sales and acquisitions and project developments in WA.
Diuring the past financial year, Cedar Woods completed construction of several stages of housing developments in Wellard, Piara Waters, Baldivis, and Mandurah.
In South Hedland it was named as the preferred developer for Landcorp's Western Edge project and started construction at its own separate housing development.
It also bought a 32.3 hectare site in Byford for $6.5 million and a 40ha site in Brabham for $22.35 million.
Mr Sadleir said Cedar Woods had presales of $175 million that would settle in 2014, and was well placed to achieve another record profit.
"Subject to current market conditions continuing, the company anticipates another record profit in FY2014," he said.
