By Ian McConnell
HOUSEBUILDER Cala has reported a 26 per cent jump in first-half profits to more than £98 million, describing its performance in the six months to June as “very strong”.
It completed 1,527 homes in the six months to June. This is up 3% from the 1,479 units completed in the first half of last year.
First-half turnover rose by 15%, from £600 million to £688m.
The average selling price in the six months to June was £491,000, up from £454,000 in the previous first half.
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Total home completions for 2022 are expected to top 3,100 – which would be an increase of 7% on the 2021 total of 2,904 units – Cala said. It added that strong market demand for Cala homes meant the group was now 90%-sold for the 2022 financial year to December 31, a “robust position”.
Kevin Whitaker, chief executive of Cala Group, noted the housebuilder was ahead of forecast units, turnover and pre-tax profits in the first half.
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He said: “Significant industry-wide supply chain challenges continue and I’m grateful for the hard work and expertise of our talented teams to deliver for our customers against this backdrop. Market demand has continued to support both strong sales rates and pricing, offsetting the ongoing construction cost inflation the industry is experiencing.”
He added: “We are confident in our ability to deliver a performance ahead of original expectations for financial year 2022. We are on track to achieve over 3,100 new home completions, a record for the group, alongside an increase in turnover, demonstrating good progress towards our growth strategy to reach [annual] revenue of £1.8 billion by 2026.”
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