Housing developer increases turnover but remains in the red
Weston Group has reported a pre-tax loss of £4.5m.
The housing developer and property company revealed the loss in its annual results for the year to 31 July. The figure is an improvement on the £19m loss reported for the previous year and the group said it was in line with expectations.
The Essex-based group increased its turnover 30% from £160.3m to £208.4m. It was boosted by a £52m increase in its income from construction contracts, offsetting a £14m drop in revenue from residential property.
Weston Homes completed 595 homes in the year, up from 537 last year.
The group said the “challenging operating conditions” has meant revenues and profit “remain subdued.”
However it said it has used its existing land bank and its offsite factory, operated through its subsidiary British Offsite, to manage the supply chain and mitigate risks.
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The group earlier this year announced it was setting up a new partnership division to enable it to move into build-to-rent and other living sectors. Last year, it secured its first major forward funding deal with Royal London Asset Management (RLAM) for its 349-home, £110m Bracknell Beeches build-to-rent project. In April, it announced it sold 85 build-to-rent homes in its Barking Town Quay project, also to RLAM.
In its accounts, it said: “A key strategic shift in the year was the move to include Build-To-Rent (BTR) via our new partnership division. This has allowed Weston Homes to diversify and reduce our exposure to the private sales market.”
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