Housebuilder has changed its accounting period to match new owner

Profit and revenue dropped last year at Hopkins Homes as the impact of interest rate hikes took effect. 

The housebuilder’s latest accounts cover the nine-month period to 31 March 2023, reflecting a change in its accounting period to align with its parent company. 

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Revenue over this period was £143.6m, down by an adjusted 9% on the £245.4m earned in the 14 months to 30 June 2022. 

Meanwhile profit was down to £15.9m, a pro-rated 39.6% decrease on £40.9m the year prior. 

“During the period, sales demand was impacted by increasing interest rates and economic instability that arose following the mini budget announcement in September 2022,” the firm’s annual report said. 

The company achieved 506 legal completions, comprising 355 open market properties and 151 affordable housing units, marking a shift towards the latter. 

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The company employed an average 199 staff across 2023, a slight uptick on 196. 

Hopkins Home was bought at the beginning of last year by private equity investment firm Terra Firma for an undisclosed firm. 

The business also recently appointed a new commercial director, Countryside veteran James Linnett.