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Cala Homes' revenue on track to triple by 2016

Cala Homes has said it is on track to deliver a three-fold increase in its revenue by 2016, after it posted a 22 per cent leap in group revenue for the year to 30 June 2014.

The high-end housebuilder’s revenue rose to £294.2m for the period, from £240.8m the year before.

Pre-tax profits rocketed 117 per cent to £27.3m, compared with £12.6m in 2013, helped by its recent acquisition of luxury housebuilder Banner Homes in March.

Cala Homes said it was targeting turnover of £500m in this financial year.

Completions remained broadly unchanged for the year with 677, compared with 694 in 2013, while average selling price rose to £423,000 from £335,000.

Its owned and contracted landbank was up 27 per cent to 12,690 plots, compared with 10,016 the year before, with a potential gross development value of £4.7bn, up 48 per cent compared with 2013, where GDV stood at £3.1bn.

Of those sites 7,288 are consented and 2,763 have been allocated.

The group’s net debt rose to £141.6m, compared with £40.5m the year before.

The housebuilder said it welcomed the positive impact the extension of Help to Buy to 2020 had had on the market despite it having a limited and direct impact on its customers.

But it said it was “disappointed” that there was not yet a long-term replacement for Help to Buy in Scotland beyond 2015/16.

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