Cala Group has reported revenue of £1.36billion, a 9% increase on 2021, and anticipates pre-tax profit of circa £169million, up 27% year-on-year.
The housebuilder's preliminary results for the 12 months to 31 December 2022 also revealed total home completions of 3,027 – 4% up on the 2021 total of 2,904 units.
Sales per site per week across the year were 0.62, compared to 0.76 achieved in 2021, as a result of a change in sales rates in the final quarter of 2022, following the UK Government’s mini budget.
The business recorded an uptick in private average sales price to £492,000 - up from £462,000 in 2021 - due to sales price growth and the mix of sites sold during the year.
Cala entered the new financial year with 751 forward private reservations, equating to £396million Gross Development Value (GDV), although this was down on the 994 units and £488million GDV in 2021.
Cala’s current Aberdeen projects include flagship sites at Craibstone, Grandhome and Milltimber.
Chief executive Kevin Whitaker said: “Cala has delivered an excellent performance across 2022, achieving significant increases in revenue and pre-tax profit. This was attained through an increase in new home completions, strong sales price growth and the mix of homes sold during the year.
“We benefited from excellent market conditions in the first nine months of the year. During the final quarter of 2022, the impact of the UK Government’s mini budget on the financial markets directly influenced buyer confidence. This has naturally affected sales rates in recent months and has impacted the strength of our forward sales position.
“2023 will be challenging for everyone, due to the increased financial pressures associated with higher living costs and mortgage repayments. Cala is well-placed to navigate the changing market conditions with the backing of our owners, Legal & General, alongside the talent, commitment and quality of our teams.
“The fundamental shortage in the supply of new homes continues to support new build delivery. In a more selective market, the quality of design and construction of Cala’s homes, alongside industry-leading customer service, continue to attract home buyers.
“Now more than ever, against the backdrop of increased fuel costs and reduced availability of second-hand homes, new homes offer a great alternative. Excellent energy and thermal efficiency help minimise energy use, while facilitators like part exchange support customers through their move.”