Multi-award winning heritage developer City & Country has announced impressive results for the 2013/2014 financial year, with a remarkable 298% increase in net profit, capping the most successful period for the company to date.
Net profit for the 2013-2014 financial year rose to £8.3m from £2.1m, whilst turnover demonstrated an annualised increase of 88%, rising to £48.9m.
The company has witnessed an exceptional period of growth over the last five years, which has been recognised by their inclusion in 2013’s Investec ‘Hot 100 Fastest Growing Private Companies’, being ranked as one of Stock Exchange’s ‘1000 Companies to Inspire Britain’ and one of only 15 that the Telegraph choose to feature on their special supplement following the Stock Exchange’s announcement.
In the last twelve months alone City & Country has achieved a record 125 property completions, an impressive 56% increase, continuing an upward trend of annualised increases since 2011. Which no doubt is due to the combination of more outlets, the introduction of the Government Help to Buy scheme, a renewed confidence in the market place and the resilient demand for City & Country’s unique product.
To facilitate and support the on-going trajectory of growth City & Country has focused on expanding the team, in the last year alone personnel numbers have grown by 31% from 80 to 105, which includes an additional six graduates - a direct result of the company’s Graduate Trainee Programme launched in 2011.
Helen Moore, Managing Director, says: “I’m absolutely delighted to be in a position to announce a really strong set of year end results. City & Country has witnessed a period of significant and sustained growth over the last five years and our forecasts predict this sustained expansion is set to continue. I am especially pleased to welcome a further six new graduates to the business, which serves as a very positive sign for the company’s future. We continue to remain committed to preserving this growth in a sustained and well managed environment.”
“City & Country is a company with ambitious plans for growth. We have undertaken a number of astute acquisitions of new sites amidst tough market conditions and we have worked hard with all stakeholders to make the tough decisions that have been necessary to ensure we have delivered viable and award winning developments of which we can all be proud. Despite the market improvements we have plans to add further sites in 2014 and to continue this tough and mutually rewarding strategy.”
The year has not only been measured by sales success, but with a myriad of other activities taking place. Phase launches took place at three of City & Country’s existing sites; The Galleries, The Garden Quarter, and Bentley Priory, with the latter including the handover of a museum to the Battle of Britain Trust, followed by an official opening ceremony by HRH Prince Charles.
Forecasts for the next two years predict turnover to increase by 34% with Sales Completions increasing by a further 35% by 2016 – the continued growth is entirely deliverable as all the plots which are factored into the figures are owned and have planning permission. This leaves City & Country perfectly poised to deliver these figures and in fact determined to exceed them.
Helen Moore says, “We believe that our future projection forgrowth is not only deliverable but we are quietly confident that we will be able to exceed these figures and achieve similarly high growth figures in the future. We feel optimistic about the future because our strategy to invest throughout the recession in all areas of the business is now reaping rewards. Our senior management teams have a wealth of knowledge and determination and we will continue to face up to the tough decisions that are required in any challenging business market whilst bringing along all our stakeholders via good communication and mutually beneficial outcomes.”
The Group’s forecasted growth over the next two years is partly attributed by the launches of two new prestigious developments in Autumn 2014; King Edward VII Estate located in the heart of the South Downs National Park, West Sussex – where City & Country has also brought in premium housebuilder partners Cala Homes and Millgate Homes, to deliver the new build homes. Also The General in Bristol, a stunning selection of waterside apartments located adjacent to the vibrant City Centre.
For more information visit: www.cityandcountry.co.uk, or call 01279 817 882.
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