THE Government’s Help to Buy scheme and the start of two private finance initiative projects led to a 34 per cent rise in pre-tax profit for housing and regeneration specialist Keepmoat.
According to accounts filed at Companies House, the Doncaster-based firm posted a pre-tax profit of £50m for the year to March 31, 2014, up from £37.2m the year before. Turnover was up five per cent to £931m.
The group, which employs over 3,100 people, operates through two divisions: Keepmoat Homes, its new build homes business, and Keepmoat Regeneration, which operates in a number of different areas including traditional refurbishment, new build, extra care, education, sustainability, and responsive maintenance,
Chief executive Dave Sheridan said Keepmoat Homes, which achieved a turnover of £209.8m, had delivered 1,853 new homes across Yorkshire, North East, Midlands and North West during the year, beating its target of 1,800.
In the year following the launch of Help to Buy on April 1 2013, the company took 936 reservations using the scheme.
He added: “The biggest change that we have seen is that around 20 per cent more people are now able to consider buying a property with Help to Buy.”
Meanwhile, Keepmoat Regeneration posted a flat revenue of £721m. Traditional refurbishment, which made up two thirds of the revenue, saw slower growth and Mr Sheridan said he was focused on regaining market share in the northern and central regions. Major bids contributed to £27m of the revenue, which he said reflected Keepmoat’s work on private finance initiative projects in Leeds and Pendleton.