Manchester-based provider posts 79% increase in starts and exceeds completions target
Great Places Housing Group started work on 1,669 homes in the year to 31 March.
The 28,000-home Manchester-based provider, in its annual financial statements, said it increased its starts by 79% compared to the 933 recorded for the previous year.
It also completed 1,280 homes in the year, exceeding its target of 1,209.
The group, which was on site with 2,600 homes as of 31 March, last September formed a new ‘growth committee’ to oversee development activity including through its commercial subsidiaries Cube Homes and Terra Nova Developments.
Great Places increased its annual turnover by 12% from £192.4m to £214.8m. It increased its social housing lettings income by £12.4m.
It also increased its shared ownership sales income by 80% to £35.7m with 377 completions.
The group’s total surplus fell from £28.8m to £21.7m, due to an extra £9.4m in interest costs. Its operating surplus excluding one-off costs rose from £50m to £53.4m.
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