Planning successes show continued strength
According to the "Annual House Type's Survey" for 2007 prepared by Glenigan, Ringwood-based Company, Churchill Retirement Living, the UK's fastest growing privately owned retirement house builder, submitted 661 of the total of 3,638 sheltered planning applications across the UK, giving the Company 18% of the sheltered housing market, and making it the 24th largest house builder for planning applications submitted in 2007. This, following its profit announcement for the year ending 31 May 2007, before tax, of £9.6 million, achieving a net margin of 20%, on a turnover of £48m (£47m for an 18 month period), is further proof that the Company is still thriving in an apparently "gloomy" market.
Spencer McCarthy, Group Chairman and Managing Director said: "I consider these statistics to be extremely good and positive evidence of Churchill Retirement Living's continued strength in the house building industry, in a year where we have seen signs of a weakening market, including interest rate rises and the credit crunch which has had a significant impact on the housing market, and will continue to do so throughout 2008.
"Glenigan's figures also showed Churchill to be the 9th largest house builder of flats in the UK last year, with 661 submitted out of a total of 36,460 flats for the year,” he continued. "In the past 12 months we sold 218 retirement units compared to 255 in the preceding 18 month period, which is an increase of 28% on a pro-rata basis. In addition the Company increased its average selling price by 4% to £216k.” "These figures have even more significance when placed against the backdrop of the necessary re-assessment of our growth plans last year, resulting in the closure of our Bristol office and the reduction of some head count in its South West and South East offices,” said McCarthy.
"We are now looking forward to a very successful 2008 as we have put Churchill Retirement Living in the best position for when the market turns. We have restructured the Group to reflect the different trading elements of our business: design, construction and sale of retirement flats, planning consultancy, property investment and estate management. The Churchill Group also now manages all its own completed retirement developments with over 1000 units managed under the brand of Millstream Management Services.
"We are continuing to trade well, have secured financing for the foreseeable future and are in a strong position to weather whatever storms may be coming our way this year,” he concluded.
Churchill Retirement Living developments can be found in carefully selected locations in the UK, all offering a good range of local amenities and shopping, together with independence, security and 24-hour support and help when required.