Turnover at social housing refurbishment specialist rises 17% to 拢1.1bn
Keepmoat鈥檚 revenue has jumped 17% to break through the 拢1bn barrier.
In financial results for the year to March 2015, the firm posted revenue of 拢1.1bn, up from 拢930.6m the previous year. Operating profit rose 4.1% to 拢58.1m, up from 拢55.7m.
The social housing refurbishment and regeneration contractor posted an increase in regeneration income of 15% to 拢832.4m due to work on PPP schemes in Leeds and Pendleyton, and a 拢100m framework win to bring properties up to Decent Homes standard in London鈥檚 Enfield.
The Homes division saw revenue increase by 25% to 拢262.4m.
Commenting on the results, chief executive Dave Sheridan (pictured) said: 鈥淭he economy and housing market are in a period of growth. All political parties recognise the need for more social and affordable housing, both rented and owner occupied, and the new government should prove positive for the sector and will provide stability for the next five years.
鈥淲e know that housing is going to be near the top of the government鈥檚 agenda in the years to come due to the chronic undersupply of housing across the country, and in particular in the rented and affordable sectors.鈥�
A consortium of two US and UK private equity firms agreed to buy Keepmoat last Autumn in a deal thought to worth around 拢400m.
TDR Capital, from London, and Sun Capital from Florida, bought Keepmoat鈥檚 parent company Lakeside 1 Limited. At the time Keepmoat said the private equity firms were investing to 鈥渟upport the long-term future of the business鈥�.
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