Thanks Forest and Beagle for your help on the weighted average number of shares, that does makes sense and seems fair.That also then raises the point that the HY1 profit is some form of average between the before and after of the 2 village were digested as well. So my trusty spreadsheets are now a bit muddied with lots of unknowns.

So comparing previous periods are now vague for this period, albeit no fault of ARV. That includes margins, volumes, sale and resale prices (because how much has the additional villages influenced these figures?)

So standing back a bit, their underlying profit EPS growth is inline with my earlier expectations of 17.5% from PCP which did not include the 2 additions - (actual was 16%). So going well there. I'm impressed with how fast ARV can sell their offerings and the 2% empty stock and occupancy rates seems to be as good as it gets in the industry. This bodes well for all participants suggesting the industry is still going gangbusters. Unless ARV is just the best player, doing the best job, that does everything so much better than everyone else.

Overall , IMO, this is an excellent report and ARV are right where they should be.

My only issue is not with the company but its` share price relative to its peers.
I would personally give a fairly young growth company as this a PE of 15-17 which it is already. Its just that you've got SUM (with loads more history) on a forward PE of about 15-16, and MET about 11 (reflecting large remedial costs for the next 3 years or so, and a proportionally slower build rate). RYM - PE 24ish?(I don't bother with as it seems to be it in its own special league) and then there is OCA at about 13 (because its so young and everybody hates it - but the tide seems to be turning). So while ARV is priced about right IMO , all the others offer even better value.