Hopkins Homes was bought two years ago by Kier Living owner Terra Firma
Top 50 housebuilder Hopkins Homes saw income and profit hit in the wake of the spiralling interest rate hikes following the mini-Budget of former prime minister Liz Truss in September 2022.
The Suffolk-based private housebuilder, which was set up in 1993, said revenue in the nine months to March 2023 was £144m, down by an adjusted 9% on the £245m earned in the 14 months to 30 June 2022.
Meanwhile, profit was down to £15.9m, a pro-rata decrease of 40% on the £41m in the year prior.
The figures cover nine months to reflect a change in its accounting period to align with its parent company.
“During the period, sales demand was impacted by increasing interest rates and economic instability that arose following the mini-Budget announcement,” the firm’s annual report said.
The company achieved 506 legal completions, comprising 355 open market properties and 151 affordable housing units, marking a shift towards the latter.
Private equity firm Terra Firma snapped up Hopkins Homes for an undisclosed sum at beginning of 2022. The same firm bought Kier’s housing arm for £110m the year before.