A housebuilder with offices in Henley-in-Arden and schemes in Solihull, Shrewsbury and Rugby has reported a pre-tax profit of £2 million.
The results signify a return to profit for CALA Group for the first time since 2007, turning around a £27 million loss reported for the same period in 2010. Turnover increased by 38 per cent to £215.4 million, with net assets increasing by 15 per cent to £32.1 million.
The improvement in financial performance has been principally generated by a 45 per cent increase in home sales over the period to 649, combined with a strong recovery in house sales gross margin to 14.8 per cent before exceptional items.
The company’s consented landbank continues to be strong with just over 3,000 plots with turnover value of £909 million, equivalent to approximately three and a half years’ output on current projections.
Alan Brown, Chief Executive of CALA Group Limited, said: “The Group has delivered an excellent performance across all aspects of the business in 2011.
“The return to profit is a significant achievement for the company, having been delivered during continued uncertain trading conditions. It reflects the renewed focus of our sales strategy and increased investment in the quality of our product supported by firm cost controls.
“Our success is also a fitting testament to the continued commitment and energy of all our teams across the UK. It sets a significant marker about the Group’s future ambitions for further growth, supported by our consented land-bank which remains very strong.
“Being ranked as the best housebuilder in the UK in the two very important areas of customer service and health and safety has also been a major accolade for us, which reinforces CALA’s brand as a premium house-builder, creating homes of the highest quality in excellent locations across the UK.”