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JWH Group’s $20.5m after-tax profit

OSBORNE Park-based residential property developer JWH Group has reported a $20.5 million after-tax profit for the 2007-08 financial year, according to accounts lodged with the Australian Securities and Investments Commission. The result was just marginally higher than last year’s after tax-profit of $20.4 million. JWH, which owns Oswald Homes, In Vogue Living, Plunkett Homes and WA Country Builders, recorded a drop in revenue for the year, down 5 per cent to $406 million, on the back of a 20 per cent drop in housing starts. The result includes $16.1 million in revenue from newly acquired plumbing contractor Active Plumbing. In July 2007, JWH took full control of the business, buying the remaining 50 per cent stake for $2.3 million in cash. JWH, headed by Julian Walter, is the state’s third biggest residential builder, with 1,416 starts in 2007-08, according to the Housing Industry Association. In a challenging year characterised by successive interest rate hikes and supply constraints, the number of new home starts fell 9.6 per cent to 22,371 homes. BGC (Australia) is the state’s largest builder with 3,304 starts, down 1 per cent on 2006-07, while the Alcock/Brown-Neaves Group was the second largest with 2,967 starts, down 9 per cent. The dominance of the big builders grew over the year, according to the HIA, with the state’s top 20 builders accounting for 60 per cent of the market share.

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