Property developer Winton's Launch Bay Hobsonville Point neighbourhood. Photo: Supplied / Winton
Listed property developer Winton has more than doubled its full year profit after a record year of settlements.
Key numbers for the 12 months ended June compared with a year ago:
- Net profit $64.6m vs $31.7m
- Revenue $211.4m vs $159.5 m
- Underlying earnings $95.6m vs $45m
- Number of settled units 565 vs 449
- Final dividend 2.16 cents a share vs 1.07 cps
Winton chief executive Chris Meehan said it was a big year for the company, settling 116 units more than the previous year.
"Despite market challenges over the last 18 months, Winton has continued to operate with confidence and is in a compelling and enviable position," he said.
Meehan said Winton had zero debt, cash of $76.3 million and an existing landbank with a potential yield of 6407 units, including 902 retirement units.
The were strong indicators the housing market was near, or already at the bottom, he said.
"While we expect some homeowners will continue to struggle in the near term with higher interest rates and high inflation, we believe increasing immigration to New Zealand, constrained land supply, and upward sentiment of rental prices will put compounding pressure on the already short housing supply."
Winton continued to operate with financial discipline on land acquisition and sales, he said.
"In the current economic turbulence, Winton is a financially stable, experienced, and trusted developer, delivering reliable, high-quality product. For all those reasons, builders want to work for us and will price accordingly."
Looking ahead to 2024, Winton said the timing of completed units and the type of units meant revenue would be lower than 2023.
It said it did not expect to provide "formal guidance" but would keep the market informed about its plans and progress with the business.