Helma Eigenheimbau - Extensive pipeline key to overcoming the crisis

Helma Eigenheimbau’s H120 results have been shaped by the coronavirus pandemic as disruptions to the sales process (particularly in the residential property development segment) led to a 17.8% y-o-y decline in net new order intake. However, on the back of a strong order book of €202.7m at the beginning of the year, the company has managed to improve revenue versus H119 by 3.6%. This was mainly due to the holiday property development segment, which doubled its revenue to €23.6m. Based on the end-June order book of €199.8m, management has reintroduced earnings guidance, targeting 2020 PBT in the range of €14–17m. Longer-term growth will be underpinned by its land bank representing a €1.7bn revenue potential (€1.5bn at the end of FY19).