Our diversification strategy, implemented during 2009, has made a significant impact on our business performance in the three years since. Our Contracts, Timber Systems and Commercial Property businesses are now well established and attracting a diverse range of new business to the Group, bringing with it both new challenges and opportunities but also easing our reliance on home building during an uncertain time for the market.

Our ability to accurately forecast the housing market within our core business Homes has been severely hampered by the continued fragility of the overall economic recovery. The threat of a double-dip recession in the short term has not entirely been eliminated. The country’s economic prospects remain uncertain and short to medium term growth prospects remain weak.

Our plan to diversify has been set against this uncertain backdrop and has resulted in what in essence is three years of cautious trading. Nevertheless, while our business plan is realistic and reflects the present lack of confidence in property generally, it is our guiding theme to remain alert to changing circumstances and take a longer term view than most other competitors. Therefore our plans also offer a degree of flexibility, and should sales and other KPIs improve, we have the ability to step on the accelerator and increase output.

As a company that is happy to buck trends, we confidently believe we have struck the right balance, being objective and taking a longer term view, whilst being realistic to the context of the present economic climate.

This has been a tough year for the industry, yet we have made real progress. This is just reward for a team that has responded brilliantly to the challenges we have faced, As we have diversified, we coalesced, bonded by a shared belief in the company and the potential it has.

The short-term outlook may be uncertain, but one thing we can be sure of is our ability to make the most of whatever the market may bring.