Housebuilder increases land pipeline and eyes future growth
Keepmoat has reported a drop in completions, revenue and profit, citing a sluggish housing market and regulation.
The housebuilder in its audited accounts for the year to 31 October 2024, reported turnover of £724.7m, down 11% on the £815.1m reported for the previous year. Its pre-tax profit fell 35% from £81.5m to £53m.
The group’s completions also dropped from 3,751 to 3,289, which it said was in line with expectations.
In his foreword to the accounts, outgoing chief executive Tim Beale said the housebuilder performed well against its peer group “against the backdrop of economic uncertainty, continued inflationary pressure and high interest rates.” He said a reduced buyer confidence meant a “sluggish market” early in the year.
“The increasingly challenging regulatory environment added even greater difficulty to the planning process and, although we continue to win land bids and add to our pipeline, bringing these new sites forward through the approval process is slow.”
The group increased its forward land pipeline, with secured planned future completions rising from 23,100 to 24,400. It said increased investment in land will create a foundation for growth.
Beale welcomed the government’s focus on reforming the planning system and boosting affordable housing.
Beale stepped down as chief executive earlier this month and was succeeded by Ian Hoad, who is promoted form divisional chairman.
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