Winton has announced a significant decline in earnings for the 2024 financial year, as the property development company grappled with a difficult market.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 69.1% to $29.5 million, while profit after tax plummeted 75.6% to $15.7m.
The decrease in earnings was attributed to a lower number of settlements, higher cost of sales per unit, and higher administration expenses.
However, Winton's pre-sale strategy proved to be resilient, with 345 settlements during the year.
The company also highlighted its strong financial position, with a landbank yield of 6,000 units and cash holdings of $41.7m.
Winton's annual report, which includes its financial results and other information, is now available on its website.
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