Durkan Group, a leading housing, construction, and refurbishment business operating across London and the Home Counties, has reported positive annual results with a return to profit, despite challenging market conditions.
Group results from the financial year to November 2023 show a consolidated turnover of £171.7million compared to £132million in 2022, reflecting a 30% increase year-on-year, and that volumes have returned to pre-pandemic levels. The Group also retained strong liquidity with a healthy cash balance of £30.9million.
The results reflect the benefits of Durkan’s diversified delivery platform, which has housebuilding at its core. Durkan Homes has continued to grow and strengthen its brand, exceeding a £50million turnover for the first time and generating healthy operating profits. Further growth is expected over the next five years, with around 165 mixed-tenure homes set to be delivered over the coming 12 months and land acquired across Essex, Hertfordshire and Cambridgeshire providing scope for a further 750 homes in the years ahead.
Ongoing support from banking partners and the completion of an equity partnership agreement with the Housing Growth Partnership underline the viability and quality of the business’ product and capabilities, and the board continues to seek further opportunities of this nature to support growth plans. The focus of the housebuilding business remains on quality and customer experience, with 5-star Builder Status secured with the HBF and Gold Award status for customer satisfaction from Inhouse.
Meanwhile, the contracting division has signed its largest contract to date, with a £145million scheme awarded by the Royal Borough of Greenwich for phase two of Kidbrooke Park, while the refurbishment division has added a further six frameworks to its portfolio. Durkan’s refurbishment pipeline continues to expand as local authorities and housing associations commit to investing significant capital in the refurbishment and retrofit of existing stock.
Danny Durkan, executive chairman of Durkan Group, said: “I’m pleased to report a return to profitability and a robust balance sheet, despite challenging macroeconomic conditions. As we look forward to future growth, our focus remains on a disciplined approach. This will allow the business to invest in further land opportunities as they become available, and maintain its focus on investing in our people, and in retaining the levels of customer service and quality our customers across the Group have come to expect.”
