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Profit and revenue were down last year at Strata Homes. 

According to the firm鈥檚 latest annual results, pre-tax profit for the year ended 1 July 2023 was 拢4.2m, down from 拢12.5m the year prior. 

Meanwhile, total revenue was down to 拢149.1m, a reduction of 拢18.7m on 2022. Revenue included a one-off land transaction of 拢16m, the profit on which was 拢6.7m. 

According to the firm, the reduction was 鈥渄riven by lower average selling prices on open market sales and a move into build contracts for private and public landlords that have a lower average selling price鈥�. 

Strata said it had been a 鈥渃hallenging year of trading鈥�, with labour and material supply issues, followed by high inflation on the back of the war in Ukraine and high interest rates after Liz Truss鈥� mini-budget in autumn 2022. 

鈥淭he impact of these sustained higher interest rates and a higher cost of living driven by inflation has been to depress demand for open market sale housing driven by the unaffordability of housing,鈥� it said.  

鈥淭hey also impacted on the cost of homes and the increases of employment costs for the business.鈥� 

The firm said that future economic conditions now 鈥渁ppear to be clearer鈥� but that this would not necessarily lead to material improvement for housebuilding. 鈥淭he outlook is simply more stable with reduced sector activity,鈥� it said. 

Total sales in 2023 were 646, up from 518 in 2022, while the group鈥檚 cash balance dropped by 拢29.8m during the year, due to investment in land. 

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Strata recently underwent a boardroom shake-up, with operations director Vernon Cunningham and finance officer Julian Davis both leaving the firm. 

They have been replaced as directors by operations director Martyn Strong and pre-development director Mark Leaf. 

Strata did not respond to a request for comment on the changes to its board.