Affordable homes firm targeting new routes to market following successful year

Keepmoat is targeting the private rented sector after annual revenue and profit surged by more than a quarter.

For the year ended 31 March 2017, the Doncaster-based affordable homes firm saw revenue increase 25.7% to £423.2m with pre-tax profit staying flat at £25.4m.

It sold 2,924 homes – up 21% from the year ago period – while the average selling price rose from £139,000 to £145,000.

Following the sale of its regeneration division to French energy firm Engie for £330m in April, the group’s princiapal business is now Keepmoat Homes.

Chief executive Peter Hindley said: “The private rented sector is a growing market and financial institutions are keen to invest in this long term revenue stream. We are developing relationships with a number of investing institutions who are keen work in partnership with developers such as Keepmoat to build significant portfolios of private rented homes.”

Earlier this year, the firm teamed up with offsite specialist Elliott Group to launch a new affordable modular house building business.