Wain Group posts 23% increase in turnover despite planning delays

Wain Group has posted a 23% increase in turnover despite volume being hindered by planning delays, it has reported in annual accounts.

The Warrington-based housebuilder has reported revenue of £340m for the year to 2 October, up on the £276m posted for the same period the previous year.

It also increased its pre-tax profit by around 8% from £53.4m to £57.6m.

The firm built 1,169 new homes, a similar figure to the 1,105 it completed the previous year. However, it is aiming to increase its rate of development to 1,800 homes year by 2027 and said several factors led to delays to development through the year.

Wain’s accounts said labour and material shortfalls, the conflict in Ukraine and Brexit resulted in “construction delays across all sites.”

It said: “Continued delays in the planning system, both on the grant and the subsequent compliance with conditions, have further hampered the group’s ability to meet sales demand with delayed sites starts impacting volume delivery across the group.”

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Its operating martin was squeezed at 17.6% compared to 19.9% last year. However, it said its long-term strategy of investing in strategic land means it is able to invest in development “while maintaining sensible gross margins.” The firm holds land with a gross development value of £5.23bn.