Simonds Group see site starts fall but pipeline rise

Company News

by Jessica Amir

Simonds Group (ASX:SIO) has announced its site starts for the 12 months to 30 June 2017 were 154 properties down on the prior period, to total 2,391.

The residential property developer says investor and offshore sales were impacted by tighter government and bank policies on investor lending.

Simonds Group says its trade program, Builders Academy Australia saw a drop in enrollments for FY17, by 697 from the prior period.

Meantime, the group’s sales pipeline strengthened for the FY17 year to 2,725 homes.

Shares in Simonds Group (ASX:SIO) are trading 3.12 per cent lower to $0.31.

 

Jessica Amir

Finance News Network
Jessica presents the Market Outlook and company news. She joined FNN in January 2017. She has been in broadcast journalism for over five years. She has worked as a journalist with Sky News Business, ABC 1 and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She is also a qualified financial planner and a Masters of Applied Finance student.