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Keepmoat Homes grows revenue 77% to £126m

11 Oct 11 Keepmoat Homes has enjoyed a dramatic upturn in revenue, with its turnover increasing from £70.1m to £126.0m for the year to 31 March 2011.

Profit before tax more than trebled to £11.4m (31 March 2010: £3.8m.)

It is a welcome upswing in fortunes for Keepmoat Homes, which saw revenue plunge from £135.5m in 2008 to £84.2m in 2009 and £70.1m a year ago.

The improvement in turnover was achieved despite a fall in the net sales price by 4.5% to £103,000.

Homes sold climbed to a record 1,220. In 2008, the house builder sold 1,129, but this fell to 751 in 2009, and just 654 in 2010.

The high volumes were partly down to restarting a number of schemes that had been mothballed during the worst of the recession.

Keepmoat Homes operates primarily in the regeneration sector, throughout the Midlands and north of England. During the last financial year, it expanded into eastern England.

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The house builder said its strategy continues to focus on partnership agreements with local authorities.

Last year, Keepmoat Homes was appointed preferred developer on the Sheffield Local Housing Company, Scotswood, and Upton public-private partnership schemes.

The firm's pipeline of secured plots stands at 16,051, a 39% increase on the previous year end (11,550).

Secured plots on partnership schemes rose by 45% to 14,968, representing 93% of the total pipeline. The balance consists of speculative, private plots which Keepmoat Homes expects to fall as a proportion in future years.

“Partnering principles are fully entrenched in our business,” said finance director John Thirlwall. “It is the partnering arrangements with scheme stakeholders which have been a significant factor in our success, and we are confident they will underpin our future prospects in these challenging market conditions.

“We are working extremely closely with our partners and the Homes & Communities Agency on a number of different initiatives to support the delivery of our pipeline regeneration schemes.”

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