quintain estates & dev plc (QUTDF) Key Developments
Simon Laffin to Step Down from the Board of Quintain Effective July 20, 2015
May 22 15
Quintain announced that Simon Laffin, independent non-executive director and Chairman of the Audit Committee, has confirmed that he will step down from the Board at the Annual General Meeting on July 20, 2015.
Quintain Estates and Development plc Reports Consolidated Earnings Results for the Year Ended March 31, 2015
May 22 15
Quintain Estates and Development plc reported consolidated earnings results for the year ended March 31, 2015. For the year, the company reported revenue of £57.7 million compared to £32.6 million a year ago. Operating profit was £41.4 million compared to £12.5 million a year ago. Profit before tax was £40.7 million compared to £4.7 million a year ago. Profit from continuing operations was £38.1 million or 7.2 pence per basic and diluted share compared to £11 million or 2.1 pence per basic and diluted share a year ago. Profit attributable to equity holders was £37.9 million or 7.2 pence per basic and diluted share compared to £52.9 million or 2.1 pence per basic and diluted share a year ago. Net cashflow from operating activities was £12.7 million against net cash outflow from operating activities of £21.2 million reported last year. Purchase of owner-occupied properties, plant and equipment was £2.7 million against £1.8 million reported last year. Purchase and development of investment properties was £97.3 million against £69.0 million reported last year. Adjusted profit before tax was £6.2 million compared to £4.2 million a year ago.
Quintain Estates and Development Seeks Acquisitions
May 22 15
Maxwell James, Chief Executive of Quintain Estates and Development plc (LSE:QED) said, "It gets some pace behind it and we will look to selectively acquire assets in London particularly where we can see the opportunity to use our development skills to potentially add incremental value."
Quintain Estates and Development plc Establishes Joint Venture with Keystone Alto S.A
Apr 29 15
Quintain Estates and Development plc has established a second joint venture with Keystone Alto S.A. ("Keystone") to deliver the next 260,000 sq ft residential development at Wembley Park. The joint venture will pay Quintain £19.0 million for the unserviced 1.5 acre plot ("Alto") and, separately, £8.0 million under an agreement for infrastructure to be delivered in the future: a total of £27.0 million. Net of the JV equity commitment, for its respective roles as a 50% partner and land vendor, Quintain will own 50% of the equity in the joint venture and receive cash proceeds of £14.3 million, paid around completion of the transaction, with a further £4.0 million to be paid on completion of the first phase, anticipated in 2017. Two buildings comprising 362 homes will be built on the plot, either side of a private courtyard garden. 120 of the homes will be constructed for Quintain, for which the Company will pay the joint venture £36.8 million. Of this amount, £7.3 million will be paid now and £3.7 million in October, with the balance paid from existing Company resources on practical completion, expected in 2017. These homes will be retained by Quintain and professionally managed as high quality private rental sector ("PRS") accommodation to expand the Group's income. In addition, Quintain's appointment as development and project manager for Alto will generate fee income of approximately £3.7 million over the next two years, further enhancing the Group's earnings.
Quintain Estates & Development Appoints Matthew Slade as Managing Director of its Wembley Park Development
Apr 21 15
Quintain Estates & Development has appointed Matthew Slade as managing director of its Wembley Park development. Slade joins from Westfield Corporation, where he opened the Stratford City development and acted as general manager during the 2012 Olympics. Quintain said the new role at Wembley Park would involve overseeing the transformation of the area into a 'world-class retail and leisure destination'.