EDINBURGH based builder CALA today set out plans to double in size as it taps into the boom areas of its Scottish heartland and England’s commuter belt.
Underlying profits rose by 37% to a record £12.5 million in the year to June 30 after completing the sale of 694 homes to private buyers at an average price of £335,000.
Its intention to more than double in size by 2017 follows the sale of the business in March to insurer Legal & General and private equity firm Patron.
It plans to significantly increase development activity in its heartlands of East Scotland and Aberdeen and to grow its presence in the South East of England, where it believes there is unmet demand for high quality homes.
Chief executive Alan Brown said the support of two blue-chip financial backers was key to the company’s growth ambitions.
He added: “This investment has already begun to bear fruit and we are now able to develop land within our existing landbank at a faster rate while simultaneously seeking to acquire additional plots in high growth areas such as the East of Scotland and the South of England.
CALA, has a land bank of more than 10,000 owned and contracted plots with a potential gross development value in June of £3.2 billion. It returned to profit in 2011, having been loss-making since 2008.