Beazer to be valued at pounds 450m: Hanson will give housebuilder pounds 50m cash for expansion
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.HANSON plans to float Beazer Homes, the UK housebuilder it acquired in 1991, with pounds 50m of net cash to fund its initial expansion. Including the new money, Beazer is expected to come to the market with a value of about pounds 450m.
The issue of the company's pathfinder prospectus yesterday also revealed a return to the black in the year to September 1993 after heavy write-offs the previous year and a notional net dividend for the year to June 1994 of 5.4p.
The changed year-end marks a return to the industry norm after two years of fitting in with Hanson's financial calendar.
Pre-tax profits were pounds 37.8m compared with a pounds 63.6m loss in 1992, which was struck after a pounds 99.3m exceptional charge mainly relating to land value write-downs.
Dennis Webb, chief executive, said trading in the first four months had been strong with reservations 33 per cent up and completions running 28 per cent higher, but he warned, that operating margins would be hit by last year's write-downs. Beazer's shares are to be priced on 10 March, with the deadline for applications a week later.
(Photograph omitted)
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments