Publishing their 2017/18 results Andrew Lycett, Finance and Operations Director of Jehu Group said “the business had made excellent progress against our strategic targets during the year. We have seen balanced growth across the group with a 33% increase in contracting and a 17% increase in homes for sale.
Continuing to highlight performance he said that, “Turnover had grown across the business as a whole by 24% breaking through the £50 million threshold for the first time to £51.9 million. The increase in turnover has driven up Gross profit margins to 10.8% overall, thanks to a strong performance in our Waterstone Homes division. Overall Operating profit increased by 25% to £1.124 million”.
“The growth in our contracting business, Jehu Project Services, reflects the desire of our clients to contribute to the delivery of the Welsh Governments target of 20,000 new homes by 2021 and our ability to respond with attractive project proposals which have involved us in the construction of 826 new homes during the year. We are already half way through 2018/19 and the order book has continued with strong performance as we consolidate our position in the sector as a contractor of choice” said Marc Jehu, Managing Director of Contracting.
Waterstone Homes saw an increase in sales as developments were completed across four locations in South Wales, whilst commencing two further developments in the year. “This was a good year for Waterstone which has seen us deliver award winning homes in highly sought-after locations.
The overall process of getting developments up and running has become much harder in recent years with ever increasing technical obstacles to overcome. We are pleased to have been able to achieve year on year improvement” said Simon Jehu, Managing Director of Development. In line with our strategy we are scaling up our aspirations for new home building and expect to see this business continue to grow over the next three years bringing greater stability and balance to the group’s activities.”
Andrew Lycett concluded saying “We have established a strong reputation in the sectors in which we are operating. This combined with the values of a family firm and a real commitment to responsible business practises means that we are also being recognised as an employer of choice. Our headcount has already increased from 133 in March 2017 to 157 today and with further recruitment planned across the business. As we plan for sustained growth we see an exciting future ahead of us.”