Leading regional housebuilder Keepmoat Homes saw revenue drop nearly 40 per cent as the full disruption of the Covid-19 pandemic was recorded.
Turnover dropped from a 2019 record of £649.8 million to £406 million, with earnings falling from £61.1 million to £11.4 million.
The Doncaster-headquartered business described it as a “a resilient financial and operational performance against a backdrop of significant disruption caused by the Covid-19 pandemic”.
It said the resilience of its mixed tenure model, underpinned by strong partner relationships and continuing strong demand for Keepmoat’s high-quality, affordable homes, was also underlined.
Tim Beale, chief executive, said: “Our priority throughout the Covid-19 pandemic has been the safety and wellbeing of our people, our customers and the communities we work with.
“Despite the year’s challenges, our mixed-tenure partnership model has continued to set us apart, proving incredibly resilient and ensured we are bouncing back strongly and started the Spring selling season well.
“We started the year with a strong first quarter, demonstrating good momentum following a record performance in the financial year ended October 31, 2019.”
All sites were closed in April, with phased re-opening in May. The pandemic also saw the business accelerate its digital transformation.
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“We continue to execute our growth strategy, benefitting from a record forward sold position and the excellent forward visibility provided by our land pipeline of over 24,000 plots, equivalent to six years’ supply, as well as the flexibility provided by our mixed tenure model,” Mr Beale said.
“We ended the reporting period with regained momentum, which has continued over the last six months, and I am confident that in 2021, Keepmoat will continue to go from strength to strength.”
A total of 2,460 homes sold in the period, down from 4,035, with the average selling price up 2.5 per cent to £165,000.
New banking facilities were secured to strengthen the balance sheet, together with a “pre-emptive equity injection from our shareholders”.