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News Release...

August 2015 - The Future is Bright...

Peter Ward Homes has just published its accounts for the year ended December 2014 and they show a solid but mixed picture....

Pictured: John and Lorraine Normington receive a special gift from Peter Ward Homes, for being the first residents to move into The Manor.

Profit is up but turnover is down. However as with many financial snapshots these figures do not tell the whole story.

“As with the rest of the housebuilding industry ours is a story of planning delays and opportunities lost. This has contributed to what on the face of it look a set of rather strange annual results” said Peter Ward the Company’s MD “Whilst our turnover has dropped our profit of £1m has been the highest since 2012”

“Much of this is down to the fact that we have been building our cash reserves whilst waiting the necessary consents on sites to be granted. Money we would have spent buying sites and building houses, to meet the large pent up demand there is at the moment, has been accumulating in the bank! Add to this the fact that we haven’t had to borrow money so we aren’t paying interest and that is why we have seen growth in our reserves. 2014 really was a year when delays affected our sales growth and expansion and recruitment plans.”

However the money that has been accumulating is now ready to be spent on purchasing new sites. Peter continued “We have recently opened two more developments and we have a further one just about to open this month. There are also at least another two sites opening at the end of this year or beginning of next, plus another two planned for later in 2016. One good thing about having these reserves is it means we can afford this rate of expansion. Combined with a new multi million pound bank facility we are well placed for investing in the company’s future and delivering major sales growth, as well as much needed private and affordable housing in an ever improving marketplace.”

Other good news is that this growth will lead to Peter Ward Homes employing more people. The company is pleased to announce that this year it will return to employing apprentices, something it had to drop in the recession. And it doesn’t end there, the increase in the number of sites mean there will be more jobs and work for company and self employed tradesmen.

“Despite a difficulties due to planning delays and issues, I look at the last year as one of preparation for significant growth in the years ahead.” said Peter “the strength of our business and its management has been demonstrated by the fact profits were up on reduced turnover. In 2015 and on into 2016 we will see sales turnover improve, work-in-progress values increase even further and our trading position return to a more balanced level. Increased activity means we will be contributing more to the local economy. It is also good to see that, through our apprentice programme, we will be able to start young people off in a career in construction.

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New or existing customers can contact our Head Office using the following details:

Head Office:

01482 861484

9am - 5pm, Monday - Friday.

E:

F: 01482 863227

Postal Address:
Peter Ward Homes Limited
Annie Reed Road
Grovehill
Beverley
East Yorkshire
HU17 0LF