Construction News

Wed May 18 2022

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Growth for regional builder but inflation hovers

6 days West Country house-builder CG Fry & Son banked nearly £12m profit before tax last year on turnover above £100m for the first time.

CG Fry's work at Poundbury
CG Fry's work at Poundbury

Dorchester based CG Fry, whose portfolio includes the ‘village’ of Poundbury, grew turnover 13% in 2021 to £108.4m (2020: £96.0m).

Profit before tax, was £11.7m (2020: 10.4m).

CG Fry & Son is owned and managed by 56-year-old Philp Fry, grandson of the founder of the company, Charles George Fry.

Group turnover in 2021 comprised £88.6m from developments and £19.8 from contracting, up from £81.0m and £14.9m respectively in 2020. During the year CG Frey completed 203 private homes with an average selling price of £362, 400 and 62 affordable homes.

Finance director Ludovic Blackburn reports in the company’s accounts: “There was, and there continues to be, high demand for our contracting services and this growing side of the business has a reputation for delivering a quality product.”

Third generation owner Philip Fry
Third generation owner Philip Fry

However, he added that while house price inflation had kept up with cost inflation in house-building activities, “inflation is more difficult to manage for the contracting department because income is generally fixed in advance. We are therefore cautious with the terms of new contracts to mitigate costs and supply risk where we can.”

He said: “Construction cost inflation is currently a concern. The company is managing this by looking at alternative specification, budgetary control, increasing supply chains and contract flexibility. The forthcoming changes in the building regulations will increase the cost of construction and this is being monitored carefully. “

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