Keepmoat Ltd increased its revenue by 11% to 拢864.6m for the year to 2023 (2022: 拢778.1m). Pre-tax profit was down 10% at 拢83.2m (2022: 拢92.2m).
Given market conditions, the board considered these numbers 鈥榓 fantastic achievement鈥�.
Keepmoat completed 4,074 new homes during the year at an average selling price of 拢211,000.
Chief executive Tim Beale said: 鈥淚 am delighted to report that the 2023 financial year saw Keepmoat deliver another strong financial performance, which is a fantastic achievement against the backdrop of an extremely challenging market. Keepmoat has once again proven itself to be a resilient and agile business and unlike many of its peer group, has continued to grow, maintaining volumes, continuing to invest in land and delivering a record number of new homes where others have had to slow production.
鈥淥ur unique partnership business model, underpinned by our multi-tenure offering and the attractiveness of our product, has once again proved its value, demonstrating that it allows us to operate successfully and thrive in all market conditions.
鈥淲e delivered 4,074 much needed new homes across the UK, more than ever before, with a focus on our core first time buyer customer base, building high quality new homes at prices people can afford, in places they want to live. The average selling price of our homes increased by 3.4% to 拢211,000 reflecting the continued demand for our high quality, affordable new homes.
鈥淲e remain committed to a multi-tenure strategy, working with our partners, including Homes England, local authorities, registered providers and the private rented sector. In the last financial year, the attractiveness of our product, coupled with our strong relationships with our partners, enabled us to secure additional delivery and maintain volumes. We have an excellent forward sales position and our strong land pipeline, equivalent to circa six years of delivery, retains flexibility and opportunity for us to deliver on our strategic objectives.
鈥淟ooking ahead I am cautiously optimistic, an improved open market sale rate in the early part of 2024 demonstrates that some confidence and stability has returned to the market, underpinned by reduced mortgage rates for some products and some easing to the cost of living and inflationary environment.鈥�
Keepmoat鈥檚 ultimate parent company is Maison Grafton Sarl, an investment company incorporated in Luxembourg, while its ultimate controlling party is funds managed by Aermont Capital, also registered in Luxembourg. Aermont paid 拢700m to take over the business from TDR Capital and Sun Capital in 2021.
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