星空传媒

Revenue and profit has dropped at Cala Group in its first full-year results since its acquisition by US private equity.

In its results for the year ended 31 December 2024, published at Companies House this week, the housebuilder reported a drop in group revenue from 拢1.25bn to 拢1.17bn, owing primarily to a 拢96m fall in private housing revenue.

But income from affordable housing rose from 拢115.5m to 拢124.9m.

Pre-tax profit was 拢13.4m, down from 拢82m, having been significantly hit by exceptional items, which accounted for a net charge of 拢58.3m before tax. 

The firm said: 鈥淭his comprises of a combination of an increase in the provision for remedial items relating to fire safety measures on historical developments, a strategic land sale of a former L&G site, a WP write down on a site that was sanctioned as an area of historic interest following the identification of artifacts and legal & professional fees and bonuses paid to senior management in connection to the sale of the business in October.鈥�

The increase in provisions relating to building safety in the year amounted to 拢16.8m.

Before exceptional items, pre-tax profit was still down, from 拢103.6m to 拢71.8m, which the group said reflected not only the reduction in turnover but also a 1% reduction in operating margin. 

Cala operates through nine region business across the south of England, the Cotswolds and Scotland

Previously owned by L&G, it was acquired last September by Sixth Street Partners and Patron Capital Advisors.

During the year, Cala contracted 21 new sites which are projected to deliver 2,287 new homes.