Durkan Pre-sells Entire Development 12 Months Ahead of Completion
Durkan has reported strong annual results as the business introduces a strategic plan to develop its contracting business and expand its housebuilding and partnership activities.
Results from the financial year to 30 November 2018 show an annual turnover of £165m, up £24m on the previous year, with an operating profit of £10.8m compared to £8.6m in 2017. The company’s order book currently stands at £400m, with the expectation of further expansion in the coming year.
This reflects continued progress made in the group’s successful contracting and development divisions during 2018, with strong sales at completed developments in Putney and Woolwich. The company has also increased its work with the public sector, as shown by the recent completion of The Exchange, a collaborative project with Aylesbury Vale District Council.
Coinciding with the annual results, Durkan has announced the appointment of Ronan Murphy as its new CEO. Ronan, formally Group Finance Director, has been integral to the formation of a new business plan and will lead the push to meet its ambitious targets.
The new business plan has been introduced following a strategic review carried out over the course of the year. It involves structuring the business into three operating divisions – contracting, housebuilding and partnerships, giving a more in depth focus to each of the company’s core elements. It aims to more than double the turnover of the business in the next five years with ambitious targets set for each division.
The housebuilding division will incorporate Durkan’s recently announced focus on land acquisition and expansion into the Home Counties. The division aims to become a 5 Star Housebuilder, with an additional goal of achieving an output of 400 units per year in the next five years.
Ronan’s appointment follows other recent changes to the company’s senior team. Over the past year Bill Beyzade and Jason Smith have joined the board as Land & Development Director and Technical Director respectively.
New CEO Ronan Murphy said: “The results are a great indication of the progress we are making as a business. We are consistently growing both our order book and our reputation and are optimistic of continuing this trend.
“This makes us all the more confident that now is the right time to push forward with our ambitious business plan – adding to the vitally important work we do with public sector partners, expanding our reach to all parts of the development process and maintaining our stellar reputation as a contractor.”
Executive Chairman, Danny Durkan, added: “We’re delighted to be able to report another set of strong financial results.
“This is a very exciting time for the business. A bold new strategic plan, Ronan’s appointment as CEO and our new focus on land acquisition are all signs of the great ambition we have to grow in the next few years.”