Housebuilder ups land bank, with 拢4.7bn development pipeline, as pre-tax profit more than doubles
Cala Homes has amassed a potential development pipeline worth 拢4.7bn, as it reported a doubling of pre-tax profit in its latest financial results.
Cala channelled investment from its new owners Patron Capital and Legal & General 鈥� which bought the housebuilder in 2013 鈥� over the year to 30 June 2014 to increase its landbank, particularly in the South-east of England.
The firm鈥檚 landbank grew 27% to 12,690 plots, up from 10,016 the previous year, with a potential gross development value of 拢4.7bn, up 48% on 拢3.1bn the previous year, with a projected average selling price of 拢370,000, up from 拢316,000.
Pre-tax profit grew 117% to 拢27.3m over the year, up from 拢12.6m, while revenue grew 22% to 拢294.2m, up from 拢240.8m.
Cala is targeting turnover of around 拢0.5bn this year, with turnover set to be boosted by a full year of trading from its southern England luxury developer arm Banner Homes, which it acquired in March 2014.
The firm said it was on course to deliver a three-fold increase in revenue by 2016.
Operating margin rose to 13.6%, up from 10.2%.
Private completions remained broadly unchanged at 677, down slightly from 694, but average selling price jumped to 拢423,000, up from 拢355,000.
Cala, led by chief executive Alan Brown (pictured), provided no update on the prospect of a potential float on the London stock exchange.
The firm appointed financial advisor Lazard in July to work on a potential initial public offering, but sources told the Financial Times this was unlikely until late in 2015.
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