Housebuilder Weston stays in red but cuts losses

Housebuilder Weston Group narrowed losses last year, its latest report and accounts have said.

The firm made a pre-tax loss of £4.5m for the year to 31 July, an improvement on the £19m loss reported for the previous year.

The Essex-based group increased its turnover 30% from £160m to £208m which was boosted by a £52m increase in its income from construction contracts, offsetting a £14m drop in revenue from residential property.

Weston Homes completed 595 homes in the year, up from 537 last year.

Earlier this year, the group announced it was setting up a new partnership division to enable it to move into build-to-rent and other living sectors. “This has allowed Weston Homes to diversify and reduce our exposure to the private sales market,” it said in the accounts.