AVJennings Limited Announces Complete Acquisition Of Riverton

AVJennings Limited Announces Complete Acquisition Of Riverton

AVJennings Limited (ASX: AVJ), a leading residential property developer of Australia and New Zealand performs activities under Jurisdictions for land and apartment development for sales commission. Its principal projects include Waterline Place, Williamstown, Creekwood, Lyndarrum, Caloundra, and many others.

AVJennings Limited today announced the acquisition of the remaining 50% green-fields residential development site ‘Riverton’. The site is located around 40km south-west of Brisbane at Jimboomba. The residential development site will be fully acquired in June 2019.

Riverton, the name inspired by riverside location is located within an hour drive to the Brisbane CBD. This residential community is designed with a motive to maximise open space and promote active living. The development site will have several parks, fishing and kayak launching docks, amphitheatre made of a sandstone block, riverside fitness stations, off-leash dog park and around 100 acres of open space.

The company aims to deliver around 1,200 attractive and diversified residential housing lots in South East Queensland over the next 5 years. The company commits to provide quality affordable housing under the project.

According to Mr Peter Summers, AVJennings’ Managing Director, the complete ownership of Riverton will enable the company to execute its plans of offering quality affordable homes for first home buyers and others willing to take a residential property in one of Australia’s fastest growing regions. Mr Summers believes that this project will enhance the company’s commitment in the local market.

Riverton is located at just 3 minutes’ drive to Jimboomba town centre, providing residents access to private and state schools, diversified sporting clubs, café, emergency services, etc.

On 21st March 2019, Mr Philip Kearns was appointed as the Non-Executive Director of AVJennings Limited. Mr Kearns had worked for over fifteen years’ in leading financial services institutions. AVJ Chairman Mr Simon Cheong was delighted to welcome Mr Kearns to the Board.

In February this year, AVJennings Limited released its financial results for 1H19. The company had 883 pre-sold lots at Dec ’18 with 157 lots settled since balance date and 532 lots expected to settle in 2H19.

The chart below highlights the financial results of the company for 1H19 as compared to the company’s results in 1H18. The company witnessed a decline of 38.7% in its total revenue and 90.8% in its statutory profit after tax in 1H19 compared to 1H18. The lower results signified softer market conditions and the deferral of revenue across major projects into 2H19.

1H19 Results-Financial Summary (Source: Company Reports)

Stock Information:

AVJ has delivered a negative return of 29.17 percent in the past one year. Further, it has delivered -17.74 percent, -8.93 percent, and 7.37 percent in the past six months, three months, and one-month respectively.

The company’s stock closed the trading day at AUD 0.505 (as on 24th April 2019) down by 0.98 percent as compared to its previous day’s close. 500,247 number of shares were traded on ASX. The market capitalisation of the company was reported at AUD 2017.18 million with 406.23 million shares currently outstanding. While the 52-week high and low values being AUD 0.750 and AUD 0.460 respectively.


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