Croudace Homes unveils 50% lift in pre-tax profit to £9m

Croudace Homes has enjoyed a 50% rise in pre-tax profits to £9m.

Latest results (12 months to 31 December 2006) from the south east England housebuilder show turnover higher at £94m (£76m).

Completions ran to 330 (figure for the previous comparable period: 270) while the average price of new home rose to £270,000 (£250,000).

The group completed 57 dwellings for Housing Association clients under S106 planning agreements at an average price of £97,000.

In a statement with the results, Croudace said: “Selling conditions during 2006 were relatively stable with modest increases in prices being achieved on some sites. The company did not experience the large increases reported by bodies issuing house price indices.

“Labour was readily available for most trades, assisted by the influx of skilled tradesmen from the new eastern European members of the EC. This has impacted favourably on the ability to keep to programme once a development has started and on the control of construction costs.

“The government’s agenda requires new house building to increase to in excess of 200,000 dwellings a year by 2016. The major constraint to this agenda is the bureaucracy involved in the pre-construction phase.”