Property group reveals strong financial results
Manchester’s Wain Group Holdings, the parent company of Warrington-based housebuilder Wainhomes and commercial developer HIMOR, has reported strong financial results for its year end, June 30, 2019.
Revenues have increased from £197.3m to £232.5m, with pre-tax profit increasing from £40.7m to £49.1m.
2019 saw HIMOR continue to invest significantly into its flagship ‘Future Carrington’ scheme with the first phase of commercial development, a 212,000 sq ft multi-let industrial scheme, scheduled for completion in June 2020.
Once 50% let, HIMOR will immediately commence construction on phase two, an additional 280,000 sq ft multi-let industrial development, which has already secured an outline planning consent.
Executive chairman, Will Ainscough, said: “The financial year to June 2019 was a fantastic period for both Wainhomes and HIMOR.
“Wainhomes delivered sound financial performance whilst at the same time increasing quality and volume.
“During the year we continued our heavy investment into the new Severn Valley region, which will soon begin to contribute significantly to the overall Wainhomes business.
“HIMOR’s performance was also very strong and should increase over time once the company’s investment in the flagship Future Carrington scheme comes to fruition.”
He added: “We’re excited to be starting 2020 in such a healthy financial position and are committed to working with our partners to deliver high-quality and meaningful developments across the country.”
In December 2019, Wainhomes’ CEO, Steve Toghill, retired following 24 years of service.
Steve’s departure will see a slight re-organisation in the group’s board.
Executive chairman, Will Ainscough, will take a more active role in the Wainhomes business, with Peter Barlow being appointed to group operations director.