A COUNTY DURHAM-based housebuilder has posted an “unprecedented level” of growth, with profits nearly trebling over the past year.
Partner Construction’s pre-tax profits were £1.7m during March 2016-17 – an increase of 190% compared to £600,000 during the previous year.
The Spennymoor headquartered firm employs around 45 staff and also has an office in Derby.
It has completed approximately 1,500 houses at 82 sites across England since being established in 2011, partnering with some major Blue Chip contractors in the industry.
Now with 15 live sites in locations from Oxford and Essex to Darlington, Partner has laid the foundations for continued growth.
Managing director Leigh Cresswell said: “We’ve always focused on building a great firm, so we’re obviously very happy with the company’s performance over the past year.
“The results reflect the firm’s ambitious plans for growth and we’ve got strong expectations for next year.
“Our success is down to our focus on building high-quality homes and recruiting and retaining hard-working experienced staff.”
During March 2016-17 the company’s turnover increased nearly two-thirds (62%) to £35.6m compared with £21.8m the previous year. Its increase in overheads was only 15%.
The company’s highest ever monthly revenues came in March 2017.
“On top of that, our business strategy and intelligent choices of project partners have proved extremely successful,” Leigh added.
Partner Construction works mainly with registered providers and housing associations, meaning it doesn’t face the financial risk of commercial contracting and private residential markets.
The firm’s parent company, Partner Group, said that it has a contracted order book to the value of £70m with “substantial growth guaranteed”.
The company has 15 major sites currently in development. Its 73-plot Springfield Oval site near Oxford is being undertaken alongside Waterloo Housing Group, and its Flitch Green development will provide 25 homes in Essex.
Closer to home the company has a 70-home development in Spennymoor called The Acorns, working as a joint venture through Maple Oak Homes. Its Alexander Street development will see a 66-plot site developed in Darlington with Home Group.
Partner Construction is A-rated by the National Housing Building Council and Premier Guarantee.