The director of Northumberland house builder Cussins says the firm is gearing up for a strong 2020 after seeing sales swell following the General Election.
The Alnwick company, led by Jabin Cussins - the third generation of the Cussins family to run the business - said it had seen a fivefold jump in sales at the start of this year, giving it encouraging signs for more growth in the North East.
The firm, which can trace its roots back to the 1920s, specialises in homes of all sizes in developments across Newcastle and Northumberland, including smaller house types to make the firm’s homes accessible to a wider market.
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Accounts have been published for the year ended September 30 2019, showing demand for homes remained strong, with unit completions growing by 39 per cent to 157, up from 113 in 2018.
Despite the increase in production, turnover dropped from £32.98m to £30.3m, primarily a consequence of a higher proportion of partnership schemes.
Operating profit also fell from £4.33m to £3.23m though its workforce rose slightly, from an average of 89 employees to 91.
In a strategic report included in the accounts, Mr Cussins said: “The current financial year is forecast to deliver sustained consolidation and further expansion of our trading position. The group’s land acquisition programme continues to perform well with a focus on securing a balanced portfolio of prime development sites ranging from 10 to 200 units.
“Larger scale partnership schemes remain an important element of our portfolio, offering improved continuity and capital efficiency.
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“One of the key achievements this year has been the continued strengthening of the management team at all levels within the business. We have in place a committed and highly experienced team possessing the capability to manage our growth projections.
“The board faces the challenges of 2020 with optimism given the improvements in systems and resources that have been put in place.”
Following publication of the accounts Mr Cussins said the firm had progressed well since the end of the accounts period.
He said: “Perhaps the most significant update is that we have seen a surge in sales since the election. In the first six weeks of this year we have taken 24 new reservations in what is traditionally a slower selling period.
“This equates to a five-fold increase versus the same period last year. This high level of activity is very encouraging and underpins our continued growth aspirations in the North East.”