Further growth forecast as expanding homebuilder reports £24m rise in revenue post-Covid
A HOUSEBUILDER is celebrating a major post-Covid recovery after seeing annual revenues grow by more than 200 per cent.
After posting revenue of £37m for the 2021/22 financial year – a rise of nearly £24m from the previous year – Cumbrian-based Genesis Homes is anticipating another successful 12 months as it looks to nearly double the amount of new homes it builds.
The company, which acquired fellow Cumbrian homebuilder Russell Armer Homes in April 2021, legally completed on 96 new homes during 2021/22 and is well on track to achieve or exceed its current build target for 2022/23 of 176 units.
Nicky Gordon, the company’s Managing Director, said: “Whilst 2021/22 has proven to be the most challenging year so far in the housing industry with ongoing supply chain issues, labour shortages and the inflated cost of materials a constant challenge amidst the effects of a global pandemic, Genesis Homes is well placed with a strong and experienced senior management team and positive momentum for further disciplined growth and success.
“Our team has remained lean, but we have increased by strengthening in key areas of construction, sales, development and customer service in particular, and by merging the existing teams following the acquisition of Russell Armer Homes. The way the team members have settled in and integrated has played a key part in contributing to our success this year.
“I’m delighted with the performance of the company during what can only be described as the most difficult of times, and I’m hugely grateful to all team members and stakeholders for their commitment and hard work to ensure we are in such a strong position.”
The upcoming 2022/23 financial year promises to be another busy one for Genesis Homes as it is currently operational across eight developments, with a further two to begin later this summer.
Among the developments under construction at the moment is the pioneering EcoGen development in the Cumbrian village of Calthwaite which will see the company build 16 carbon net zero emitting homes.
All homes will be fully powered by renewable energy sources and controlled by smart technology as part of Genesis’ ongoing commitment to significantly reduce household emissions.
In total, all 10 developments will amount to 757 new homes once completed with an estimated revenue value exceeding £235m.
Nicky said: “The upcoming year is very exciting for all involved in Genesis and we are all looking forward to what this next year and future years hold for us.
“We have great ambitions to continue growing the business and keep building top-of-the-range new homes for our customers to thrive in.
“The EcoGen project is a development of huge significance as we lead the way in sustainable housing, and we hope this can help pave the way for a more environmentally friendly approach to home building across the UK.”
Nicky founded Genesis Homes in January 2017 and the company has quickly grown into one of the largest homebuilders across Cumbria.
Throughout 2021/22, five site acquisitions were successfully completed by Genesis’ land and planning team with a further four sites under company control, equating to an estimated 600 new units in total.