Honey reduces losses as it aims to more than double annual revenue to £175m

Honey has reduced its annual pre-tax loss by 34%

The housebuilder, which is backed by private equity firm Alchemy Partners, reported a pre-tax loss of £8.2m for the year to 31 December 2025, an improvement on the £12.8m posted for the previous year.

The Sheffield-based group made an operating profit excluding one-off costs of £3.4m, compared to a £5.9m loss for the previous year. However, Honey’s interest costs totalled £11.9m, pushing it into the red.

A spokesperson said the “Significant reduction in pre-tax losses was driven by the substantial growth in sales completions.” He added the reason for the pre-tax loss was due to Honey investing in a cost base to deliver further significant expansion.

The audited accounts also confirmed Honey’s turnover has increased nearly sevenfold from £10.6m to £71.3m, a figure the company announced in a trading update in February.

A spokesperson this week told Housing Today the business is now 63 per cent per cent forward sold for 2026 and is on track to more than double its annual turnover to £175m. If achieved this would likely push the firm, which incorporated in 2022, into the largest 30 housebuilders by turnover, according to Housing Today’s exclusive Top 50 Housebuilders rankings.

The firm completed 288 homes in the year, up from 40 the previous year, achieving a sales gross margin of 23.4%.

The bulk of the revenue, £55m, was secured through three additional partnership contracts secured in the year.

Honey said as of March it had “secured 31 immediate sites” that will deliver around 4,700 homes with a combined gross development value of £1.4bn.

The housebuilder said it has secured an additional £80m revolving credit facility with OakNorth Bank and NatWest Bank which has an option to grow to £100m. It said the funding, which takes the groups total bank facilities to £180m, will allow the business “to pursue rapid expansion.”