Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Expanding builder Morris sets four-figure sales target

FINANCE

MORRIS, the privately owned house builder that bought Allen's housing arm for £24 million three years ago, expects to sell 1,000 homes for the first time this year.

The firm sold 830 homes in the year to March 2002 and turned over £102 million but it expects sales to hit four figures this year and lift turnover to £140 million.

Morris is still looking for acquisitions but managing director Mike Gaskell said: 'The corner stone has got to be to expand organically. As a pure house builder, we're probably the biggest private one left.'

Morris made an operating profit of £13.1 million last year but expects this to rise to £20 million this year, with pre-tax profits up to £16 million from £9.5 million.

The firm has expanded out of its traditional base in the northwest and this year's turnover from that region will be equalled by sales in the Midlands.

Morris was a family business until 1988 when, with a turnover of only £2 million, it was bought by Riordan Industries. Morris now has a land bank of 7,000 consented plots.

Riordan sold Morris to a management buyout in 1990 and eight years later Mr Gaskell secured backing from venture capitalists 3i and Quayle Monroe to clinch another buyout.