Residential property developer Villa World Limited (ASX: VLW) has reported strong results for FY18 amid solid sales from its flagship projects on the east coast.
The company has posted double digit profit growth for the fifth consecutive year with a statutory net profit after tax of $43.6 million for FY18, up 15 per cent year-on-year.
Villa World's managing director Craig Treasure says the results are a reflection of strong sales in the Queensland and News South Wales residential markets with the divisions contributing 84 per cent of sales, up 4 percentage points on FY17.
"The result was at the top end of our updated guidance and demonstrates Villa World's continued strength in the east coast residential market," he says.
"The company's strong position within the affordable to mid-priced residential housing and land market continues to provide a strong buffer against market challenges and has delivered consistent results for our shareholders."
Despite the Royal Commission into the finance industry putting pressure on the company in July, Villa World's bottom line has remained unaffected.
The company says it will continue to focus on operational delivery and cash settlement of carried forward sales in FY19.
Villa World predicts its sales to remain strong in FY19 with solid contributions from its eight flagship projects.
The company has also announced today the appointment of Lisa MacCallum as an independent non-executive director.
Shares in Villa World were trading at $2.17 per share at 10:22 am AEST
Business News Australia
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