Housebuilders Cussins said its model of building larger houses in rural areas had paid off during the coronavirus pandemic.
The Alnwick company said it had demonstrated “considerable resilience and adaptability” during the various local and national lockdowns as it reported broadly flat results for the year ending September 30, 2020.
Cussins’ turnover came in at £30.1m (down from £30.3m a year earlier) while operating profit stood at just over £3m, compared to £3.2m in the previous year.
The company paid an interim dividend of £433,000 but is not paying a final dividend.
In the accounts, director Jabin Cussins said: “The closure of key suppliers and service providers severely reduced our production capacity, particularly during the spring months. “Notwithstanding the challenges, the business was able to achieve 106 unit completes during the year with a turnover of £30,149,982. This was a considerable achievement by the business in the circumstances.
“Production is currently operating at near normal capacity, with demand for our homes significantly exceeding the board’s recovery expectations. There is evidence that this may be attributable to purchasers placing a higher value on common features of a Cussins home which include additional space for home working, larger gardens and more rural locations.
“Our forward land supply has been significantly bolstered during the period. In addition to smaller bespoke schemes, the group has been successful in securing a number of larger sites.
“These prime larger schemes have the potential to improve both continuity and efficiency, they also bring us a step closure to achieving our medium-term aspiration of delivering 250 units per annum.”
Cussins, which can trace its roots back to the 1920s, last year secured a new funding package from Lloyds Bank and announced plans to double turnover by 2023.
The company - which featured in the Fastest 50 group of the quickest growing North East companies in 2018 and 2019 - was backed by the BGF investment fund before the Northumberland Estates took a minority stake in 2016.
Cussins said its joint ventures with Northumberland Estates were proving mutually beneficial and had the potential to deliver more than 500 homes in the next five years.
