Regeneration drives £1bn turnover at Keepmoat
Turnover at the Doncaster-based developer grew 17.7 per cent to £1.09bn in the 12 months to March 2015.
Profit before tax rose eight per cent to £54m, compared to £50m in the previous financial year.
It marks the group’s strongest revenue and pre-tax profit performance since Keepmoat merged with Essex-based rival Apollo in 2012.
Keepmoat’s Regeneration division, which specialises in maintenance and construction projects for the social housing and the education sector, saw revenue climb 15 per cent to £832.4m.
The division was boosted by work on public private partnership housing in Leeds and Pendleton, as well as a £100m framework win to upgrade properties in Enfield, London.
Keepmoat Homes, which builds affordable housing aimed at first-time buyers, brought in £262.4m from the sale of 2,133 homes, up from £209.8m in 2014 and accounting for 24 per cent of the group’s turnover.
Dave Sheridan, chief executive at Keepmoat, said the group’s business model meant it has “coped well” both with austerity and the growing housing market.
Looking ahead, Mr Sheridan said Keepmoat is well positioned to benefit from Conservative government’s commitment to housing.
He said: “We know that housing is going to be near the top of the government’s agenda in the years to come due to the chronic undersupply of housing across the country, and in particular in the rented and affordable sectors.
“The new Government is focused on home ownership and first-time buyers, including 200,000 new ‘starter homes’ and a Help to Buy ISA. The manifesto also includes a promise to build 275,000 additional ‘affordable homes’ by 2020.
“Keepmoat has expertise in all these areas and we are very positive about the opportunities for the business in the years ahead.”