Keepmoat capitalises on demand for homes

KEEPMOAT, the housing and regeneration company, said it performed in line with expectations over the last financial year, in the face of 'significant shifts in Government policy'.
By The Newsroom
Published 15th Aug 2016, 16:47 BST
Updated 15th Aug 2016, 17:49 BST
Keepmoat chief executive, Dave SheridanKeepmoat chief executive, Dave Sheridan
Keepmoat chief executive, Dave Sheridan

Doncaster-based Keepmoat said it had made good progress in developing opportunities in new markets and sectors.

In the year ended March 31 2016, group revenue increased by 3.5 per cent to £1.134bn, reflecting strong growth in the company’s homes division, which was offset by a small decline in the regeneration division’s revenue.

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The company’s adjusted EBITDA was £66.7m, compared with £63.8m the year before. Homes revenue increased by 28.3 per cent to £337m. Over the course of the year, 2,416 homes were sold, an increase of 13.3 per cent on the previous year.

The average selling price increased by 13 per cent to £139,000.

Dave Sheridan, Keepmoat’s chief executive, said: “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 using our core skills to deliver innovative solutions into the private rental and retirement living sectors.”