Campion Homes records ‘robust’ set of results amid challenging economic times

Campion Homes records 'robust' set of results amid challenging economic times

Campion's Oak Bank development in Glenrothes 

Within the context of extremely challenging economic circumstances, Campion Homes has delivered another strong set of results for the year ended 30 June 2022 and increased operating capacity with a 16% rise in turnover to £48.5 million.

Margins have been impacted this year by the challenges of labour and material shortages and unprecedented material price inflation.

However, the firm said its underlying financial strength of the business, continued excellent relationships with clients and suppliers and the hard work and dedication of staff and subcontractors, have ensured it has withstood the difficulties of the last two years.

During the year the company completed its two established private developments at Law View, Leven and Linden Meadow, Star. Sales rates were strong during the year resulting in a quicker completion at Star than initially forecast. In total across both sites, 44 homes were completed. The new development at Oak Bank, Glenrothes was launched in mid-April and the latest site in Crieff has commenced initial works.

During the year the company handed over 132 homes to housing association and local authority clients and commenced construction on 64. A significant number of sites were under construction at the start of the financial year, resulting in 472 homes being under construction at the year end.

In early July 2022, Business Growth Fund exited its investment in the company. The company utilised its profit growth and strong cash generation during the six-year relationship to buy out BGF’s position in full.

Executive chairman, Pete Bell, said the company has again demonstrated that its people and relationships and the quality of its product are integral to the success of its business. Going forward Campion will continue to recruit locally where possible to invest in the team. The company is focused on supporting the development of young people and is proud to have provided nine new apprenticeship opportunities this year across several different trades, bringing the total number of apprentices employed at the year end to 21.

Campion Homes is also committed to making continuing progress in improving the environmental management of its operation and to drive a reduction in carbon emissions.

Reflecting on the year, Mr Bell said: “Like many companies we have been negotiating our way through a period of rocketing price inflation which continues to put significant pressure on the business. Alongside this volatility and increasing interest rates, we expect future results to be impacted, while the economy recovers from the long-term impact of Covid-19 and the wider world economic situation. However, our pipeline of work is strong and our excellent team will carry on working with our valued partners to deliver the high quality, energy efficient homes that homeowners and tenants seek.”

Share icon
Share this article: