Villa World Ltd Guidance reaffirmed
Guidance reaffirmed: Villa World Ltd (ASX: VLW) reaffirmed the guidance for FY17 of profit after tax growth of at least 5% to $35.4 million. VLW in FY 16 had reported a 32% increase in the statutory profit after tax to $33.7 million and a 19% increase in the earnings per share to 30.6 cents. VLW now expects net profit after tax (unaudited) of over $19.5 – $21.4 million for 1H17, though it is dependent upon the timing of delivery of land and housing in Victorian projects. VLW had posted a net profit after tax of $20.4 million for 1H16. Additionally, VLW would continue to maintain their payout policy of 50 – 75% of NPAT, and reaffirmed the dividends in FY17 of at least 18 cps. 464 sale contracts were said to have been carried forward into FY17 with a gross value of $165.6 million. The group made a confidential Deed of Settlement for resolution of the Silverstone proceedings, and the Court had approved the settlement. Further, all the parties have now complied with the terms of the Deed, and the Court has now made orders formally dismissing the proceedings. In addition, VLW in joint venture with Greenfields Development Company, has agreed to the unconditional purchase of a 153-hectare site at Greenbank, south of Brisbane at the purchase price of $50 million (exclusive of GST) with settlement anticipated to occur in stages during FY18 and FY19.
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