Financial Statement & Annual Results

Twelve months to 31 December 2023

Kevin Whitaker, CEO at Cala Group, said: “Cala delivered a robust financial performance in 2023. Despite market challenges, we maintained a sales rate of 0.63 in line with 2022 (0.62), securing revenue per site per week of £315,000. This consistent delivery has given us confidence to execute our strategy to invest in land for future years. 

“In 2023, Cala contracted 24 new sites, capable of delivering over 4,300 new homes. These sites have a gross development value (GDV) of £2.1 billion with the average selling price of around £500,000.  We remain committed to this strategy and our land and planning teams across the UK are actively seeking further opportunities to invest in sustainable developments in desirable locations. 

“As of 10th March 2024, Cala had delivered 0.71 sales per site per week (average for financial year 2023: 0.63), and we are seeing encouraging levels of enquiries to our developments and website. Cala’s quality of design and construction, with outstanding customer service, as well as the enhanced energy-efficiency of new homes, continue to attract a new range of buyers.  

“Whilst still early to predict, this positive start to the year alongside improving economic fundamentals are reasons for optimism that the market could return to more normal conditions during 2024. The stabilising of interest rates, reductions in inflation and more competitive mortgage rates, will improve affordability.”  

Financial Highlights

• Robust sales per site per week of 0.63 maintained, comparable to 2022 (0.62), despite challenging market conditions 
• Total home completions of 2,917 units, broadly in line with 2022 (3,027) 
• Marginal increase in private average sales price (ASP) to £495,000 (2022: £492,000)  
• 640 forward private reservations equating to £308m Gross Development Value (GDV), (2022: 751 units, £396m GDV) 
• 19 new short-term developments contracted with estimated Gross Development Value (GDV) of £1.4bn capable of delivering over 2,700 new homes. In addition, 5 new strategic sites contracted with a GDV of over £700m and in excess of 1,600 units  
• Continued to be recommended by customers as 5 Star homebuilder (HBF)  
• Delivery of 28.7% reduction in operational greenhouse gas emissions