Neinor Homes continues to outperform in Q3

Neinor Homes continues to outperform in Q3

Neinor Homes is stepping up the development activity with 71 active sites, representing c. 5,500 units are in production: over 2,000 are in construction while 5 sites have been delivered year to date (2 in Q3), all on time and on budget during the quarter.

The Company reported revenues of €169.4 million during the first nine months of the year, with gross margin of €40.7 million and a slightly positive operating EBITDA of €0.5 million, in line with expectations.

Neinor acquired €275 million of fully-permitted plots in the first nine months of the year, completing 100% of 2017 target and 42% of 2018. Land bank of c. 12,000 units for immediate development.

Pre-sales order-book reached €700 million at the end of Q3, after a solid performance during a usually slow Summer quarter.

Neinor Homes continues to push the sector transformation: 23 BREEAM certificates obtained in design phase, a diploma granted by Ilunion for “Mobility Pack” and launching of venture incubator Neinor Next.

Juan Velayos, CEO of Neinor Homes, stressed that “the Company had yet another solid performance in Q3, a traditionally slow quarter. Besides completing the acquisitions budget for 2017 and 42% of 2018’s, we have stepped-up the pace of our development activity having 71 active sites, and have further increased the revenue visibility with €700 million of cumulative pre-sales, while deliveries kept coming on time and on budget. The team keeps being focused on delivering the IPO targets”.





Source: Neinor Homes

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