DUNFERMLINE-headquartered housebuilder Campion Homes has reported ‘positive’ financial results for the year ended June 2021 despite the pandemic-related challenges.
Announcing its full year results, Campion reported revenues of £41.8 million and a pre-tax profit of £2.9 million. Revenue and gross margin were boosted by £4.6 million of carry forward house sales from the previous financial year, when private house sales were deferred following the lockdown from March to June 2020.
Campion stated that sales rates at private developments rose to levels above those experienced pre-pandemic, resulting in strong forward sales coming into the next financial year.
The company said that while this is positive news, it has put additional pressure on land price and availability. Campion has secured planning for its next development at Oak Bank, Glenrothes and will start construction in the new year.
Campion highlighted experiencing ‘significant material and labour price inflation’ during the latter part of the financial year, and forecasts margins to be negatively impacted by price inflation for the current year.
Executive chairman Pete Bell said, “We are delighted that Campion has managed to navigate its way through the very difficult working environment this year and report excellent sales rates at our private housing sites. The company recognises the exceptional response that its employees and subcontractors have given again this year as the Covid-19 issues have remained, combined with the significant increase in demand for new housing.
“Once again Campion has demonstrated that its people, relationships and the quality of its product are integral to the success of the business.
“Like all in the industry the company is having to cope with rocketing price inflation and this continues to put significant pressure on the business. Lack of material availability is also causing considerable scheduling difficulties.
“However, our pipeline of work is strong and we will carry on working with our partners to deliver the high quality, energy efficient homes that homeowners and tenants seek. We’re excited to be leading on energy efficient innovation in housebuilding in Fife with our 85-home development for Kingdom Housing Association in Glenrothes adopting the local District Heating Network and a 30-home Passivhaus development soon to start in Gauldry.”