Careys New Homes to double revenue in 2017

Careys New Homes has announced that it is on track to meet the targets it set out in its three-year business plan in 2014.  This will see the Wembley-based housebuilder more than double its 2015/16 revenue of £25.2m in 2016/17.

Since 2014/15 Carey New Homes has more than tripled its completed units to a projected 186 at the end of this year.  The company has also realised a strong growth in average selling price, which is now in excess of £300,000.

Greg Ketteridge said, “We are delighted to have achieved such significant growth, particularly against some considerable economic headwinds.  Our robust strategy and strong land bank means that we are confident of consolidating our market leading position in the London and Home Counties market.

“Our aim has always been to build a sustainable and profitable business with a turnover of around £50m to £60m, delivering 200 units a year. We are now focused on further strengthening our position in the acquisition of developments that can deliver 20-100 units per outlet.  Over the next few years I expect our housing mix (which is currently 60% bias towards apartments) to be reversed in favour of family homes as we maintain a balanced portfolio across the region.”

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