Completions surge at CALA

CALA has seen new home completions rise 46% to 1,677 in the year to the end of June, 526 higher than the previous year.
In a trading update issued today (July 4th), the firm says it is on track to deliver its strategic growth plan as it heads for its fifth consecutive year of record profits. Annual revenue is set to exceed £700 million for the first time, up from £587.1 million last year. This is despite CALA’s private average selling price falling to £497,000 from £538,000 as the firm moves away from the market for £1 million-plus homes.
Private revenue per site per week is up 6% to £271,000 with private sales per site per week up to 0.56 from 0.48.
In issuing the trading statement, the firm took the opportunity to call for “urgent reforms” of the planning system.
“2017 has been another record year for the group,” said CALA ceo Alan Brown. “Our performance for the 12 months to the end of June will see us deliver revenue in excess of £700 million for the first time which is a big step towards our stated aim of delivering an annual capacity of up to 2,500 units and £1 billion of revenue by 2020.
“Following the general election result, we now have a Conservative government with a stated manifesto pledge to build one million new homes by 2020. However, if the UK is to stand any hope of delivering on this aim, urgent reform of the planning system is required to remove the obstructions that are preventing us and other developers from getting on and building the homes the country desperately needs.”