FIFE-based Campion Homes has announced an increase in turnover and profits for financial year 2023/24, following a ‘steady’ level of private house sales and ‘strong’ performance within the affordable housing division.
The business said ‘underlying financial strength and longevity’ has helped it withstand the ‘difficult trading conditions’ experienced by many companies within the sector in recent years years.
Campion Homes has continued to strengthen its balance sheet with net assets at £12.7 million at 30 June 2024. For the 12 months to June 2024, gross profit was £7.6 million – an increase of 122%. Turnover rose by 24% to £45 million, while net assets increased by £2.2 million.
During the year the company progressed with its private housing developments at Oak Bank, Glenrothes and Strathearn Gait, Crieff. Campion Homes has also launched a new 75-home development at Strathmore Meadows, Meigle. Full planning consent is in place for a further 72 homes at Balcurvie, Fife.
During the reporting period, the company delivered 93 homes for housing association and local authority clients and commenced construction on 178 new homes for this sector. A total of 260 affordable homes were under construction at the end of the reporting period.
Notable developments completed include the first handover at Charleston, Dundee. This accessible housing development, led by Blackwood Homes and Care, will deliver 66 homes, complete with technology and design features to enable people to live independently in their own homes for as long as possible.
Pete Bell, executive chairman at Campion Homes, said, “As we expected, our financial year to June 2024 was a successful one, despite the backdrop of continued challenging market conditions. We were pleased to see positive improvements in consumer confidence during the second half of our financial year and our three private developments are returning positive results for the business.
“Our exceptional track record of working closely with a number of housing associations to deliver much needed new homes has continued this year and we were delighted to see our partnership with Kingdom Housing Association at Alloa recognised for two awards.
“As well as employing a skilled workforce we enjoy long term positive relationships with clients and subcontractors. As an independent family-run business we can afford to take a longer-term view and we look forward to continuing to make a significant contribution to the sector. This includes continuing to invest in our people and the local economy so we can deliver much needed homes.”
Campion Homes revealed it has a ‘healthy pipeline’ of affordable housing contracts in place and the majority of revenue for the FY25 period is contracted. However, as uncertainty regarding grant funding levels for financial years beyond 24/25 continue, this may have an impact on future activity levels in this area.
In May 2024, the company was named joint winner at the Homes for Scotland Awards with Kingdom Housing Association for ‘Development of the Year – Medium’ for the 60 new homes at Primrose Street, Alloa. The development also won the ‘Excellence in Accessibility & Inclusion’ award at the 2024 Scottish Home Awards.
