Q3 Trading Update

RNS Number : 8077E

Quintain Estates & Development PLC

13 February 2015

 



13 February 2015                                                                                      

Quintain Estates & Development PLC

("Quintain" / "Company" / "Group")

Q3 Trading Update

Quintain issues the following update for the period from 26 November 2014 to 12 February 2015.

Highlights

·     80% of the 284 private apartments within Emerald Gardens now pre-sold

·     Planning permission granted this week for next residential development of 370 apartments

·     Performance of Wembley Park investment assets continues to improve

·     New finance director, Simon Carter, to start on 26 May 2015

Maxwell James, Chief Executive of Quintain, said:

"80% of the 284 private apartments within Emerald Gardens have now been sold, a year ahead of completion, and pricing and volumes remain above initial expectations. This week's planning approval for the next residential development, Alto, will enable us to increase the number of homes under construction this year to 845, ensuring a pipeline of completions to the end of 2017 at a price point where a significant imbalance persists between supply and demand and buyers may also benefit from the Government's Help to Buy scheme."

Alto, now held as a trading asset, will comprise 370 apartments. It will be located between a new two-acre square and Emerald Gardens, the 475-home development which is due for occupation from next Spring.

The leisure quarter at the heart of Wembley Park continues to prove a strong draw for visitors and residential purchasers, with half a million people visiting London Designer Outlet in the four weeks leading up to Christmas.

Enquiries

Quintain Maxwell James, Chief Executive Richard Stearn, Finance Director Tel: [phone] [e-mail]

Finsbury Jenny Davey Charlotte Whitley Tel: [phone] [e-mail]

Forward looking statements

This announcement is for information purposes only and contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to or depend upon future events and circumstances.

There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside Quintain's control. All forward-looking statements are based upon information known to Quintain on the date of this announcement and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Quintain gives no undertaking to update forward-looking statements whether as a result of new information, future events or otherwise. Information contained in this announcement relating to the Company should not be relied upon as an indicator of future performance.

 

END

 

 

TSTSFIFWEFISEIE