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Pegasus Financial History.
In terms of business development, Pegasus has succeeded in meeting the needs of potential customers by offering them elegant and well-equipped apartments in secure and comfortable developments.
Our 2007 turnover of £40 million resulted in profits of £6.6 million (EBITDA). Turnover per employee has now risen to £1 million as a direct result of our staff’s combined effort in pushing forward the work of the business.
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2007
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2006
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2005
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2004
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2003
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Turnover
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£39.9m
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£39.6m
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£36.6m
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£31.7m
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£19.7m
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EBITDA
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£6.6m
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£8.8m
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£7.7m
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£8.0m
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£5.0m
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Retirement Unit Sales
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150
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152
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133
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126
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98
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Assets Employed
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£75.1m
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£69.2m
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£55.8m
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£55.9m
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£41.8m
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Developments Constructed
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33
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28
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24
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20
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13
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Land bank units
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1281
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1210
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1059
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934
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620
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Sites (Sales)
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23
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20
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18
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15
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8
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Employees (Average)
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41
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40
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39
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39
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29
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Turnover per employee
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£1m
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£1m
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£0.8m
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£0.8m
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£0.7m
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Following the 2007 year end a successful second-stage management buy-out took place, with the main equity partner now being the leading corporate bank, The Royal Bank of Scotland. This provides Pegasus with access to approximately £170 million of funding.
In supporting Pegasus, the bank which has assets of over £1000 billion (June 30, 2007) has recognised the significant potential of the retirement housing market. The number of pensioners in the UK now exceeds the number of children and the company is very well positioned to capitalise on the market opportunity for properties geared to the active and cash-rich over 55s. With this in mind, the company aims to increase turnover from £40m to £100m per annum over the next three or four years.
Pegasus already has a land bank for 1350 retirement apartments and plans to facilitate its significant growth by increasing its investment in land over the next four years to over 3000 units. The company’s ambitious growth will be achieved both by increasing its geographical reach and by returning to towns where it has had successful, previous locations with a good track record amongst discerning buyers.
The construction programme is expected to increase from commencing 300 units this year to over 2000 units over the next four years.
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