CALA Group profits soared last year after the upmarket housebuilder’s acquisition of Banner Homes helped bolster its presence in the affluent south and London’s commuter towns.
The Edinburgh-based group, which develops upmarket properties in Scotland, the Midlands and the Home Counties, saw pre-tax profits almost doubled from £12.6m to £27.3m in the year to 30 June, while revenue rose 22 per cent to £294.2m.
Chief executive Alan Brown said the business was on course to triple in size by 2016, with turnover set to reach £500m in the current year, after swallowing up luxury housebuilder Banner in March.
“We had an organic growth plan in place in 2013 and the Banner acquisition really supplemented that and allowed us to accelerate our growth plans. Whereas previously before the acquisition we would get to £800m (of revenue) by 2018 we can now do it by 2016.”
He described the last 12 months as “transformational” since Patron Capital and Legal & General’s acquisition of Cala in March 2013.
“Our new shareholders injected a significant amount of capital into our business, which has allowed us to do things that we wouldn’t have been able to do,” he said.