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Record year for Keepmoat

12 May 23 Keepmoat Limited, which builds housing for local authorities, housing associations and other landlords, had its best ever year last year, in terms of finances.

Keepmoat chief executive Tim Beale
Keepmoat chief executive Tim Beale

In the year to 31st October 2022 Keepmoat increased revenue by 11% to £778.1m (2021: £701.6m) and – with administrative expenses reduced by 34% during the year – trebled pre-tax profit to £92.2m (2021: £29.7m).

Average selling price increased by 14.0% to £204,000.

Chief executive Tim Beale said: “We delivered 3,776 much needed new homes across the UK, with a focus on our core first time buyer customer base, building high quality new homes at prices people can afford, in places they want to live. We remain committed to a multi-tenure strategy, working with our partners, including Homes England, local authorities, registered providers and the private rented sector (PRS).”

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“As we move through our new financial year, our capital light, multi-tenure, partnership business model is once again proving its flexibility and resilience. Despite the turmoil in the mortgage market at the end of 2022 following the mini-budget, we have been able to secure additional delivery to registered providers and to the private rented sector, who operate long-term business models with associated long term funding, meaning their investment in new stock is unaffected by the short term dynamics that can impact private buyer demand. This approach has enabled us to maintain delivery, where others are looking to slow down production.”

“Looking ahead I am optimistic, following a strengthening of reservations in the early part of 2023, that some confidence and stability has returned to the market. We have an excellent forward sales position, better even than this time last year. Furthermore, our strong land pipeline, equal to circa six years of delivery, retains flexibility and opportunity for us to deliver on our strategic objectives.”

Doncaster-based Keepmoat was acquired in October 2021 by Aermont Capital from TDR Capital and Sun Capital. It’s ultimate parent company is Maison Grafton Sàrl in Luxembourg.

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