Directors at Northumberland housebuilder Cussins have hailed the company’s continued resilience in a year which saw revenues fall and fewer house completions.
The Alnwick-based business can trace its history back to the 1920s and has specialised in developments of varying sizes across Newcastle and Northumberland, including smaller houses to make its products accessible to a wider market. In April 2023, Cussins secured a £14m credit facility from Lloyds Bank to pave the way for it to expand its operations further across the North East, and to target bigger contracts, as well as the construction of more contemporary riverside apartments and homes.
Now the firm, which is led by CEO Jabin Cussins and his father Peter, has published accounts covering the year ended September 2024, showing turnover dropped from £37.8m to £29.03m, while operating profit was £2.14m, down from £3.8m. A dividend of £1m was paid in the year.
During the year the firm operated on nine development sites across the region, delivering 100 completions, down from the previous year’s 118 completions. CEO Mr Cussins highlighted key projects in the accounts report, which also outlines continuing investment at the company, which employs around 63 people.
Within the accounts, he said: “During the year the business secured its first legal completion at Burgham Park, Northumberland and at the 144 unit landmark scheme at Holborn on the South Shields Riverside. We have also commenced development at prime schemes at Backworth, North Tyneside and Rothbury.
“Our £11m revolving credit facility and £3m overdraft facility both provided by Lloyds bank plc combined with our strengthening balance sheet allows the business to invest in a high-quality land pipeline, which in turn offers the opportunity to generate strong growth and increasing returns in the years ahead.
“We have continued to invest in our employees at all levels within the business and having in place a committed and highly experienced team possessing the capability to manage our growth projections and to adapt to a dynamic marketplace. Customer focus remains a key priority and I’m pleased to report that the year has again seen continued improvements to our quality standards, site management and customer service functions.
“In response to changing consumer needs we continue to develop new and enhance existing house types to ensure that we continue to meet or exceed the standards expected of us and to broaden our appeal.”
