Housebuilder on track for £500m turnover as revenues jump 21%
Housebuilder Avant Homes has said it is on track to deliver growth targets originally set in 2015 of becoming a £500m turnover, 2,000 unit business by the end of 2018, one year ahead of schedule.
Updating the markets on its performance for the year to the end of April, the company reported record revenues and volumes following strong trading performance driven by outlet growth and geographic expansion.
Revenues over the 12 month period were up 21% to £447m, driven by rapid growth in completions and continued increase in private average selling price, Avant said.
The company’s chief executive Colin Lewis will be speaking at TheBusinessDesk.com’s next Property Professionals lunch, to be held this week on May 3 in Leeds.
Avant said a new, five-year strategy to double output to 4,000 homes a year by 2023 is now in place.
In the year to April, the company reported 1,903 total completions, up 16% compared with the prior year.
It added 2,642 plots to the owned and contracted land pipeline which now stands at 7,492 plots and reported a strong forward order book totalling £163m, with 69% of H1 volumes already secured providing an “excellent foundation” for further growth in its 2019 financial year.
Lewis said: “The last 12 months have been another landmark period for Avant and we are reaping the rewards of our strategy to build homes that offer something different to UK buyers.
“Building on the exceptional progress that we have made in growing our business over the past few years, we are on track to hit our growth targets by the end of 2018, a year ahead of schedule. As a result, we have been able to look to our next phase of growth, intending to more than double our output to 4,000 aspirational, customer-led homes per annum by 2023 in the Midlands, the north of England and the central belt of Scotland.
“The early days of the traditional Spring selling season have been positive and we continue to see strong demand for our homes. This is driven in no small part by what continues to be a buoyant Northern housing market and the fact that we have generated a rate of sale of 0.87 since the start of the calendar year. We have 69% of our H1 volumes now secured and are looking ahead to the new financial year with confidence.”
