Morris Group builds sales
MORRIS Homes, the Wilmslow-based housebuilder, increased turnover by 8% to £136m in the year to March 31, while operating profits grew by 15% to £21.6m.
The figures issued by the company did not include a pre-tax profit figure.
Morris Homes attributed its improved sales to an increase in housebuilding activity in its core North West and Midlands markets. The number of house completions increased by 20% on 2010 to 815 across 42 live developments.
The company also spent more than £40m during the year acquiring 10 new sites for future development and said that it has more than five years’ cover at current build rates.
Managing director Mike Gaskell said: “Morris has continued to benefit from strong demand for quality family homes in good locations. The ongoing imbalance between supply and demand means that we have seen modest selling price rises across most of our sites.
“We expect this upward trend to continue as mortgage finance becomes more accessible to first time buyers.
“A recent report by the Halifax indicated that buying a home is more affordable now than at any time in the last 12 years and we’re seeing increased interest from people looking to switch from rental to home ownership.”
Mr Gaskell added that the increase in revenues has continued into its current year, with reservations for new homes increasing by 28%.
“One of the main challenges facing Morris and other housebuilders continues to be the planning process, which is holding back much-needed development.
“However, we have a strong track record of working with local authorities and communities to demonstrate the economic and social benefits that new housing can deliver.”
