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Developer of Barton Farm in record profit
12:54pm Wednesday 9th October 2013 in News
THE company behind one of the most controversial housing schemes in Hampshire has seen record profits on house sales.
Developer Cala Homes has posted record profits on houses sold in the year to June 2013 despite booking a five per cent dip in revenues.
Pre-tax profits for the year to June 30 were up 37 per cent on the previous year to £12.5m though revenues dropped to £240.8m against £253.7m.
Construction is due to start next year.
Cala sold a total of 694 private homes during the financial year, up from 666, and at an average sale price of £335,000.
In total, it completed 850 homes, down from 875, largely on a reduction of affordable home completions to 156 compared with 209 the previous year.
Alan Brown, chief executive of Cala Group, said the new investment is allowing the group to develop its landbank at a faster rate and is “confident” Cala will double in size by 2017.
He said: “Cala has delivered another excellent performance during 2013 with a record profit for Cala Homes, improved gross margins and significant further progress in developing the length and quality of our landbank.
“To top it off, all this was achieved while going through a complex acquisition process which resulted in Cala securing the support of two blue chip financial backers that will enable us to realise our growth ambitions.
“This investment has already begun to bear fruit and we are now able to develop land within our existing landbank at a faster rate while simultaneously seeking to acquire additional plots in high growth areas such as the east Scotland and the south of England.”
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