28th Feb 2007 07:01
Humberts Group PLC28 February 2007 28 February 2007 Humberts Group plc ("Humberts" or "the Group") AGM Statement -Trading update shows continued growth and proposes an interim dividend- At the Annual General Meeting of Humberts (HUM.L), the highly acquisitivenational group of full service estate agents and valuers, this morning, TimJames, the Group's chairman, will read the following statement: "We continue to make good progress in all areas of the Group and I am pleased toreport that current trading is in line with the market's expectations. Theacquisitions made throughout the year have, and continue to be, bedded down welland we look forward to the improved contribution they will make to the Group asthe integration process continues. "Like-for-like turnover within the Group's continuing operations for the fourmonths to the end of January 2007 showed organic growth of 17% over the sameperiod last year. Furthermore, initial indications are that February trading isin line with expectations. "In the residential market we are seeing a degree of polarisation, with anadequate supply, but slowing demand, for the lower sub £300,000 properties andreduced supply, with excess demand, for properties in the less leveraged£500,000 plus segment of the market. Given the strengthening profile of theHumberts brand, we are well placed to benefit from current market conditions. "Our Rural division is also performing in line with forecasts. This marketremains strong with prices staying firm as a result of increased interest bothfrom European farmers and lifestyle investors pushing demand well aboveavailable market supply. "Performance in our Commercial division for the first four months was also inline with expectations. Looking forward, we feel that prospects for thisdivision are stronger than at the same time last year. "Whilst Land & New Homes is a new division for Humberts, it has already made auseful contribution to the Group in terms of both turnover and profits. As wecontinue to seek to reduce our dependence on second hand homes revenues, we seethis division becoming increasingly important as it is rolled out across theHumberts network. "We continue to see a healthy pipeline of potential acquisitions which adhere toour criteria of being not only profitable and earnings enhancing in the firstyear, but also having strong existing management who 'buy in' to the Group'sstrategy and operate in areas which will complement our existing network ofoffices. "We look forward to the remainder of our financial year with confidence, andaccordingly we have, for the first time, decided to pay an interim dividend forthe current financial year to 30 September 2007, details of which will beannounced with our interim results in June." Humberts Group plc:020 7318 1273 Max Ziff Chief Executive Officer Nigel Cartwright Chief Financial Officer Tavistock Communications:020 7920 3150Richard SunderlandRachel [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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