Housebuilder and developer Wain Group says it enjoyed another robust year despite a “difficult planning environment” causing significant delays across the housing sector.
The Warrington group, which is behind the Carrington Estate regeneration scheme in Manchester, reported an overall turnover of £306.7m for the year to October 1, 2023 - down on £340m in 2022. Pre-tax profit was £28.7m, down from £57.6m in 2022. The group reported land holdings with an estimated Gross Development Value (GDV) of £8.75bn, up from £5.28bn in 2022.
In his chairman’s statement included as part of Wain Group’s accounts, Will Ainscough said: “The group performed well over the last 12 months despite difficult economic conditions. The challenges of poor economic conditions, a broken planning system and significant legislative changes have created a perfect storm for the development sector.” It added: “We have shown our ability and resolve by navigating through these challenges.”
Its Wain Homes arm delivered 1,028 homes across the North West, the South West and Severn Valley regions. That company delivered a turnover of £284.2m, down on £313.2m in 2022, with a pre-tax profit of £29m, down from £47.2m the previous year. The group now aims to be building 1,600 homes per year by 2028.
In his strategic report in Wain Group’s accounts, director AJ Campbell said: “Continued delays in the planning system, both on the grant and the subsequent compliance with conditions, have further hampered the group’s ability to meet sales demand with delayed site starts impacting volume delivery across the group.”
Wain Group executive chairman, Will Ainscough said: “The 海角视频 economy has faced double digit inflation over the period with the Bank of England responding by increasing interest rates to their highest levels since 2008.
“This resulted in a subdued housing market with mortgages now becoming more expensive and unavailable for both first-time buyers and existing homeowners reluctant to break existing fixed rate mortgages.
“Utility cost inflation has also persisted throughout the period due to the continuing conflict in Ukraine further exacerbating the current cost of living crisis and further reducing disposable income levels.
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“In recognition of the rising living costs and to support our own colleagues, each Wain Homes employee received an additional cost of living contribution of £1,000 during the period.”
Over the year the group was awarded 5-Star Builder status by the House Builders Federation for the first time. It also received three NHBC Pride in the Job awards.
Wain’s strategic land company Wain Estates reported revenues of £23m, down on £28m in 2022, and a pre-tax profit of £2.1m, down on £10.6m in 2022.. The Carrington Estate is Wain’s largest single project.
Mr Ainscough said: “Wain Estates is now completely focussed on strategic land opportunities. At the core of the business is a belief in creating places that enrich both the economy and the way people live and work. We also accept our responsibility to promote land in a way that has a positive social and environmental impact. This can be clearly seen in our work on the 1,665 acre Carrington Estate – a complex site that is one of the 海角视频’s largest regeneration schemes.”
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