Derbyshire-based Bloor says bottom line and income fell 鈥渄espite selling additional plots鈥�
The UK鈥檚 largest non-listed housebuilder has reported a decline in both profit and turnover as it responds to 鈥渃hallenging market conditions鈥�.
In its latest financial results, Bloor Homes reported pre-tax profit of 拢287m, a decline of 9% compared with 拢318m the previous year.
In the year to 30 June 2023, Bloor also recorded gross profit of 拢350m, down 7% from the previous year. Overall profit was 拢217m, down from 拢255m in 2022.
Turnover was down slightly at 拢1.34bn, compared with 拢1.37bn last year. In the accounts, the firm said turnover and profit before tax have both decreased since 2022 鈥渄espite selling additional plots鈥�.
The Derbyshire-based housebuilder said the decrease has been driven by a combination of 鈥渄emand-side and supply-side impacts鈥�, adding that additional costs included higher mortgage costs and cost inflation on building materials.
鈥淐urrent market conditions are challenging in the housebuilding industry with both inflation and interest rates eroding the disposable income of our customers, impacting immediate demand.
鈥淥ur cost of sales and overheads have also increased due to inflation,鈥� Bloor company director Dinesh Ishwerlal Khushalbhai Mehta, wrote in the accounts.
>>See also:
>>See also:
鈥淸We have] mitigated the effects of the market conditions by ensuring investment in land and work in progress as appropriate to the level of sales and expected market conditions.鈥�
The housebuilder sold 4,252 plots this financial year, an increase of 11 plots compared to 2022.
Bloor鈥檚 current net valuation of assets stands at 拢1.5bn, compared to 2022鈥檚 拢1.29bn.
John Bloor, who owns the housebuilder along with Triumph Motorcycles, is frequently described as the He ranked 54th in the most recent Sunday Times鈥� Rich List, with a stated wealth of 拢3.49bn.
No comments yet