Bloor Homes reports drop in profit for second successive year

The country’s largest privately-owned housebuilder has reported a 14% drop in pre-tax profit.

Bloor Homes reported pre-tax profit of £179.1m for the year to 30 June, down on the £208.2m it reported for the previous year. The decrease follows a 27% fall the previous year.

Bloor’s completions dropped 9% from 4,004 to 3,643 units but its turnover remained steady at around £1.25bn.

The firm, which has its headquarters in Derbyshire, said: “Turnover has remained consistent with the last financial year despite a reduction in plot numbers due to the proportion of social to private housing sales.

“Profit before taxation has decreased due the pressure on margin from the supply chain and increased overheads. Overall net assets continue to grow with the company’s continued profitability.”

Bloor said ‘above-target’ inflation has kept interest rates high, presenting a challenge to housebuilders.

It said: “However, the company remains optimistic in the wake of reductions in the Bank of England base rate during the year and the increasing competitiveness of mortgage products available to consumers.” It added that government policy, such as changes to the planning system, may also have a positive impact.

Bloor launched a new range of premium homes called ‘Fitchett by Bloor Homes’ last year with the first completions expected in 2026.

Bloor placed 20th in Building’s annual Top 150 Contractors & Housebuilders table last month.

Bloor Homes was set up by John Bloor, who has an estimated fortune of £3.1bn according to last year’s Sunday Times Rich List

A former plasterer, Bloor, who has owned Triumph motorcycles since 1983, placed number 53 on last year’s list.