The housebuilder Cala expects to build 500 more homes a year than targeted as it stays on course for a sixth consecutive year of record revenue and profit.
The company had set out plans to be building 2,500 houses a year by 2020 but now believes it can reach 3,000.
Cala was founded in 1875 as the City of Aberdeen Land Association but is now one of the most upmarket housing firms operating at scale outside of London. It employs around 900 people and has been owned by Patron Capital and Legal & General since 2013.
Yesterday Cala said that it had seen a 34 per cent rise in completions to 939 in the six months to the end of December and revenue from private sales per site increased from £251,000 to £277,000.
Alan Brown, the chief executive, said that around 81 per cent of targeted sales for the 12 months to the end of June are already booked in. He is confident he can deliver the new targets without much further investment or hiring.
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Mr Brown said: “It is just a reflection of what we are already delivering and what we think we are capable of.”
Cala operates across Scotland, the Midlands and southeast England and he said all are on track to hit targets.
He expressed disdain for the government’s investigation into whether the housing sector sits on its plots in a process known as land banking.
Mr Brown said: “They will find the same as the last four or five times they have done it, which is housebuilders do not land bank. It makes no sense for us. Land is an expensive commodity so once you have it why would you do anything other than develop on it?”
He repeated concerns at the speed at which planning policy moves and said it would be beneficial for more local authorities, particularly in England, to have clearer long-term frameworks.
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Asked whether Cala may look at a stock market listing or a sale, he said: “Everyone knows we are owned by a joint venture so at some point there will be something happening. At the moment we are focusing on our growth strategy which is working really well.”
Cala booked £68.5 million pre-tax profit on turnover of £747.9 million in the 12 months to the end of June 2017.