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Poundbury developer sees demand grow for its contracting services

30 May 23 Turnover was flat last year for Dorchester-based housing developer CG Fry & Son but profit was up by more than 10%.

The Duchy of Cornwall's Poundbury development near Dorchester has homes build by CG Fry
The Duchy of Cornwall's Poundbury development near Dorchester has homes build by CG Fry

In the year to 31st December 2022 CG Fry & Son turned over £107.5m (2021: £108.4m) and made a pre-tax profit of £13.1m (2021: £11.7m).

The development arm of the business completed 275 homes during the year while the contracting arm turned over £25.9m – an increase of 31% on 2021’s contracting turnover.

The company generated net cash of £2.8m and ended the year with no debt and net assets of £92.5m.

Its properties for sale include homes within the Royal Pavilion and the Northern Quadrant at Poundbury, the model town near Dorchester owned by the Duchy of Cornwall.

Finance director Ludovic Blackburn wrote in the annual accounts: “There was, and there continues to be, high demand for the company’s contracting services. This growing side of the business is a testament to its growing reputation across the southwest for delivering a high-quality product ands excellent customer service on many and varied projects of all sizes, from multi-million-pound commercial builds to small domestic repairs and anything in between.”

He continued: “The challenges of fixed price tendering caused by cost inflation have been mitigated by an increase in negotiated and open book contracts to balance out the risks in what remains an unstable marketplace. There remains a healthy pipeline of tenders and new opportunities, which bodes well for the future.”

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