Churchill announces 33% growth in Group Revenue as the retirement home market remains underpinned by solid fundamentals.
Retirement housebuilder Churchill has announced its Financial Results for the 13 Months ended 30 June 2016. During the period the group’s total unit sales increased 19.7% to 589 apartments (2015: 492), with an average private sales price of £303,689 (2015: £257,484). It also reported a strong forward private sales order position of 109, equating to 16% of expected annual completions. Churchill has an owned and contracted landbank of 3,190 plots with a potential gross development value of £950m. It acquired 31 new sites during the year with potential for 1,324 units,
Commenting on the results, Spencer McCarthy, Chairman and Chief Executive Officer of Churchill said: “We have continued the strong momentum we generated in 2015 by delivering another record year of results in the thirteen months to 30 June 2016. We have been able to achieve this thanks to our highly disciplined approach to land investment, our experienced management team and our absolute focus on giving our customers what they need.
“The market drivers underpinning the UK retirement home market remain robust with an ageing population and a shortage of suitable housing combined with a limited number of national developers with the requisite skills and expertise to build the retirement housing that the UK desperately needs.”
Commenting on the EU referendum result he continued, “It is still too early to speculate as to any impact on the wider housing market from the EU referendum vote but, in the weeks since the result of the vote, our sales rates have remained robust. The voting statistics showed that the older population were generally more in favour of the decision to Leave, which suggests our target customer demographic should be broadly satisfied with the outcome and optimistic for the future.”