Following the acquisition of CALA in full by Legal & General in March 2018, CALA’s year end has been changed to December to align with that of Legal & General. Therefore, the reporting period covered in CALA’s latest financial accounts cover the 18 months to 31st December 2018.
CALA has once again delivered a strong financial performance. The group achieved a significant increase in profit before tax to £112.4m (year to 30th June 2017: £68.5m) and also on revenue, which climbed to £1,220.8m (year to 30th June 2017: £747.9 million). These rises were driven by significant growth in the number of new homes sold, which increased to 3,049 during the eighteen months, from 1,677 in the twelve months to June 2017. The average selling price of our private homes of £450,000 was slightly lower than previously (year to 30th June 2017: £482,000), reflecting the mix of sites sold during the year.
Our land teams have remained active in the land market during the eighteen month period, contracting 41 sites in varied and desirable locations, expected to deliver 4,524 homes with an anticipated Gross Development Value (GDV) of £1,788m. We have had planning success on 48 sites, either receiving a first-time planning permission or improving the planning status of land we had acquired with a permission. These sites are expected to deliver 6,148 homes with an estimated GDV of £2.1 billion, underpinning our future growth plans.
Commenting on the Group’s performance, Kevin Whitaker, Chief Executive, said:
“The eighteen months to 31st December 2018 has been a hugely significant and successful period for CALA. Considerable volume growth in the year has driven a sixth successive year of record profits, up 9% on an annualised basis. 3,049 homes sold in the 18 month period represents an increase of 21.2% in annual terms resulting in a record turnover of £1,220.8m, up 9% in annual terms.
“Underlying market fundamentals remain positive, good access to low cost mortgage finance and the ever-present structural demand and supply imbalance have resulted in strong demand for new homes during the last 18 months “We continued to make excellent progress towards achieving our growth ambitions and remain firmly on track to deliver annual revenue of around £1bn by 2020. Our growth journey commenced in 2013 and, with the continued investment and ongoing support from Legal & General, we expect to achieve this by next year.
“Of equal importance has been the improvement in the strength of the underlying business. New operating initiatives have become embedded and more training and recruitment has reinforced our core values and enhanced the capability of our teams. When combined with a premium brand, strong landbank and rapidly growing presence in our key operating areas, all of these qualities highlight CALA’s significant potential and I remain very confident in CALA’s prospects for the future.”
To download a PDF of CALA’s Update for the twelve months to 30th June 2018, click here.
To download a PDF of CALA's Trading Update for the six months to 31st December 2017, click here.
To download a PDF of the Results for the Financial Year Ended 30th June 2017 Press Release, click here.
To download a PDF of CALA’s Trading Update for the twelve months to 30th June 2017, click here.
To download a PDF of the Results for the Financial Year Ended 30th June 2016 Press Release, click here.