Morris Homes, one of Britain’s biggest independent housebuilders, has reported an 11% increase in revenue for the year ended 31st March 2012.
The company, which is headquartered in Wilmslow and has its Midlands head office in Castle Donington, achieved turnover of £150.4m (2011: £136m) and a 9% increase in operating profit to £23.5m (2011: £21.6m).
A continued focus on building high-quality traditional family homes across its core operating areas in the North West and Midlands helped Morris to lift average selling prices by 5% compared to the previous year.
Operating margins held firm at 15.7% (2011: 15.9%) due to the strength of the company’s land bank, which was acquired at historically low values, and extensive re-planning of sites in favour of family housing, which now makes up 75% of the company’s new build.
Mike Gaskell, managing director, said “Against a difficult economic background the housing market was remarkably resilient throughout 2011 with Morris continuing to benefit from its strategy of building high quality family homes in areas of strong underlying demand.”
“With a 95% customer approval rating the company was again awarded the maximum five stars in the government backed Home Purchaser Satisfaction Survey. We also continued to top the NHBC’s reportable items league for its UK’s top 25 housebuilders and won more NHBC Pride In the Job awards for our size than any other UK housebuilder.”
The Company continued to be at the forefront of the sustainability agenda with work now well underway on the country’s largest Zero Carbon Village in Peterborough.
In terms of its current year, the company reported that trading had remained robust during the normally quiet Summer period with reservations some 17% ahead of its same period last year and prices some 2% ahead. It also confirmed that it was planning to open an additional 15 outlets in the next nine months as confidence in the housing market continues to improve.