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Cala Group “On Target” To Achieve £1bn Turnover Aim

Cala Group says it is “on target” to achieve its turnover goal of £1 billion by 2020, having posted its fourth consecutive year of record results.

Alan Brown, Chief Executive of the house building firm, said the group’s strategy was “to grow the business to over £1bn by 2020”.

He said: “We have the infrastructure in place to deliver that, both the products, the people and the land.”

The group posted a 15% rise in turnover in its full-year results, with group revenue of £587.1 million for the year to June 30, 2016, which was an increase from £511.6 million the previous year.

Pre-tax profit also jumped by 18% to £60.1 million in its latest figures, which is up from £50.9 million over the same period.

Mr Brown added that his company had seen “no impact” on the business since the EU referendum in June EU and praised Theresa May’s new government for its recent moves to boost housebuilding.

Earlier in the week, Business Secretary Sajid Javid announced a £3 billion Home Builders Fund and a £2 billion ‘Accelerated Construction’ programme to accelerate the building of housing on brownfield land, which Mr Brown said he backed.

He said: “Since 2010, the government has recognised we have a significant housing shortage, and that we need to do something about it.

”We’ve seen positive changes since then, and what I’m particularly pleased about is that since Theresa May became prime minister, if anything [the government]’s desire to solve the housing crisis has increased.”

The group, which focuses on Southern England, the Midlands and Scotland, has increased completions by 16% in the last year, with 1,151 homes completed in the year to June 30, 2016, up from 993 the previous year.

It has also added 30 sites to its portfolio in the financial year, which are projected to deliver almost 2,700 homes in the short term.

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BDC 318 : Jul 2024