Honey hails ‘remarkable’ first-year results

A housebuilder is looking to scale its operations after posting strong financial results in its first full year of trading.

Sheffield and Leeds-based Honey has reported turnover of £71.2 million for the year to December 31, delivering 288 legal completions across ten live sites in Yorkshire and the Midlands. 

The housebuilder achieved a profit of £3.6 million, with a private sales gross margin of 23.4 per cent and an average selling price of £297,000.

During the year, the company also secured three partnership contracts worth £55 million, reflecting its model of delivering around a quarter of homes through partnerships. 

As of February 2026, Honey has 29 secured sites capable of delivering 4371 homes, with a combined gross development value of £1.3 billion.

Mark Mitchell, founder and chief executive of Honey, which also announced that it was 35 per cent forward sold for 2026 and expects revenues to exceed £175 million this year, with profits forecast between £20 million and £27 million, said: “Our performance has been driven by smart land acquisition, building a distinctive brand and delivering homes which provide the best combination of style, substance and sustainability at their price points.

“None of this would have been possible without the extraordinary capabilities of the 130 colleagues we now employ.

“Every day they go above and beyond to deliver Honey’s vision and values to ensure we are a refreshing alternative within the sector and, as a business, we are committed to continually investing in our people.

“Our Yorkshire and central regional offices are now firmly focused on building and selling whilst driving operational excellence. 

“Our strong rate of sale proves our focus on Yorkshire and the Midlands and the quality of our product is highly attractive to new home buyers in those regions.

“With our first full year’s trading now complete, we have the infrastructure, ambition and funding to further grow our business and brand.”

Backed by private equity firm Alchemy Partners and supported by £160 million in bank facilities, Mark added that Honey is targeting 1000 legal completions in 2027 and plans to open a third operating region in the East Midlands later this year.

Thomas Boszko, deputy managing partner at Alchemy Partners, added: “Mark and the Honey team have created an outstanding business and a brand that is setting new standards within its markets.

“The momentum the business has achieved in such a short space of time is remarkable, and we are excited about the trajectory into 2026 and 2027.”

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