- Property developers Cedar Woods broke its profits record during the FY19, increasing 14 per cent to $48.6 million
- Cedar Woods’ CEO Nathan Blackburne said the success is due to the company’s diverse portfolio
- Cedar Woods’ share price is up 0.63 per cent today, currently sitting at $6.35 apiece
Property developers Cedar Woods broke its record for profits gained, during the 2019 financial year.
Profits jumped 14 per cent to $48.6 million, and revenue came from all four states for the first time.
Managing Director of Cedar Woods Nathan Blackburne attributed the company’s success throughout the financial year to its diverse portfolio.
Presales were up $10 million higher than the previous year, totalling $330 million. It is expected roughly two thirds of the presales will be settled during the present financial year.
“Moving into FY20, presales are at healthy levels and the business is well place despite difficult market conditions,” Nathan said.
According to Cedar Woods, the company’s strong balance sheet and available funding positions it well to make strategic purchases, across several markets.
The company currently has over 9600 units in development across Western Australia, Queensland, New South Wales and Victoria.
Shareholders will receive a fully franked final dividend of $0.135 per share, a five per cent increase on the previous year.
Cedar Woods’ share price is up 0.63 per cent today, currently sitting at $6.35 apiece, as of AEST 2:28 pm.