Doncaster homebuilder Keepmoat Homes sees revenue surpass £420m

Keepmoat Limited, a Doncaster-headquartered partnership homebuilder, has released its financial results for the year ending 31st March 2017.

Following the sale of its Regeneration division to ENGIE on 30th April 2017, the Group’s principal business is Keepmoat Homes.

Keepmoat Homes saw revenue increase by 25.7% to £423.2m, compared to £336.6m at the same time the previous year.

During this period, the housebuilder sold 2,924 homes which is a 21% rise on the previous year (FY16: 2,416). The average selling price increased from £139k to £145k.

In addition, the number of plots within Keepmoat Homes’ land pipeline increased by 19% to 28,544, strengthening its land portfolio available for development.

Peter Hindley, chief executive officer of Keepmoat Homes, commented: “The business performed in line with expectations in the light of continued strong demand for new housing and despite significant shifts in government policy.

“Good progress has been made in developing growth opportunities. During the year, we continued to build our presence in new geographies and develop propositions for new sectors which will fuel further growth in the future.

“In FY17 we continued our regional expansion programme with the new Scotland region already firmly established, and the splitting of our two largest regions, Yorkshire and Midlands, completed.

He added: “In addition, the Group strengthened its capacity in the North West with the acquisition of M.C.I. Developments Limited, in January 2017, which is an established business building high quality homes for registered providers.

“Enabled by our strong reputation for partnership working, we are developing opportunities in two new sectors. The private rented sector is a growing market and financial institutions are keen to invest in this long term revenue stream.

“We are developing relationships with a number of investing institutions who are keen work in partnership with developers such as Keepmoat to build significant portfolios of private rented homes. We have also successfully entered into partnership with Elliott to launch a modular construction product under the brand name of ilke Homes.”

James Thomson, executive chairman of Keepmoat Homes, commented: “The sale of the Keepmoat Regeneration business for £330m earlier this year has significantly strengthened our balance sheet and we are well placed to support and deliver growth.

“We are targeting to deliver over 4,000 much needed high quality, affordable homes for the UK during the next financial year.”