Housebuilder Weston sees profits soar as it plans £28m expansion
Housebuilder and office provider Weston has reported a huge increase in revenue and pre-tax profits as the developer cashes in on rising demand for new homes.
The volume housebuilder, which operates in London and the south east, said its pre-tax profits increased over 50 per cent year on year to £35m. The group’s revenue was up almost 30 per cent year on year to £257m.
Weston said its positive results were due to strong sales for starter and family homes and good occupancy rates in its serviced offices division.
The company also announced £28m of new investment in infrastructure, logistics and staffing.
Stuart Thomas, group finance director at Weston, said: “Weston Group is delivering steady and sustained growth, with revenue and profits rising, putting the business in a very strong financial position.
“Over the next 12 months we will facilitate further growth through substantial investment in the business and acquiring more urban sites for development across outer London and the south east of England.”
Weston, which focuses on transforming brownfield sites into residential developments, describes its properties as “real homes for real people”. The average selling price for its units over the financial year was £329,000.
Weston said it has a development pipeline of 6,000 new homes, which will be worth £2bn once completed. As a result, the company expects to double in size over the next five years.
Chairman and chief executive Bob Weston said: “Weston Group’s strategy is to expand in three sectors, growing our residential development business, expanding our serviced offices business and developing our new logistics division.”
He added: “In order to facilitate this growth the group is injecting £28 million in new investment into the business in the form of upgraded infrastructure, a new headquarters and logistics warehouse and more staff employment and training.”