Keepmoat builds on solid foundations as revenues reach £1.13bn
HOUSEBUILDER Keepmoat has said that revenues were on the up after a strong performance by its homes division.
The company said that revenue had increased by 3.5% to £1.13bn for the year to 31 March 2016, although accounts have not yet landed at Companies House.
It did say that its regeneration division had seen a decline in its regeneration division due to consolidation of activities by local authorities. The division turned over £803m, a 3.6% reduction on the previous year.
Keepmoat says it is combating this shortfall by developing its expertise in the extra care sector and the private rented sector.
Polypipe’s adjusted EBITDA was up 4.5% to £66.7m.
Pre-tax profits increased to £61.6m compared with £56.9m the year before.
The company, which sold 2,416 homes in the year, sold them at an average price of £139,000 up from 13%.
Keepmoat has been working on developing its homes division in the south, with developments in Peterborough and Cambridge, and has launched in Scotland.
Dave Sheridan, Keepmoat chief executive commented: “Despite a year of changing government priorities, Keepmoat’s focus on working in long-term partnership to deliver community regeneration has continued to deliver growth.
“Our Homes Division has capitalised on growing demand for high quality homes at affordable prices and the future pipeline of projects provides a platform for continued growth.
“Our Regeneration Division has experienced a year of consolidation as Local Authorities and Housing Associations reassess their priorities in the face of reduced rental incomes.
“In light of this, we are utilising our core skills to deliver innovative solutions into the private rental and retirement living sectors, complementing our core offering to Local Authority and Housing Association clients. We are excited by these new opportunities and their potential to deliver further growth. “
