United Living bucks industry trend to report record results
United Living has published its strongest ever annual financial results, as the business announces its diversification into the private rented sector (PRS) with its new venture, United City Living.
Turnover for 2017-18 is up 33% on the previous year at £240m (£181m in 2016-17), while profits (EBITDA) rose by 13% to £10.7m (£9.5m in 2016-17) and cash balances have jumped from £7.2m to £20.6m.
Since recently announcing a new business division - United City Living – which will focus on PRS opportunities in the growth cities across the UK, United Living is on course to being a leading national contractor for the residential sector.
United Living has a secured forward order book exceeding £800m with a further £175m in negotiation and a commitment to achieve profitability of 5% per annum.
United Living is a significant player in the refurbishment market having recently won a contract on a major repairs and maintenance framework with CityWest Homes to refurbish their assets in Westminster, alongside ongoing large frameworks with Wolverhampton Homes and Clarion Housing Group.
United Living has also become part of the Government’s National Developer Partner Panel in all regions and has been appointed to a number of other key frameworks during the course of the year.
Ian Burnett, chief executive of United Living said: “United Living has developed a solid reputation for providing an excellent service in both new build and refurbishment contracts. This is reflected in our growing number of clients; their repeat business; and our financial performance which is strengthening year-on-year.
“We’re forecasting growth to £275m for 2018-19 and have already secured more than £260m of these contracts. We expect this will be bolstered further by our move into the UK’s PRS market, which has been driven by the success we’ve seen working on a small number of private sector projects to date. The key however is to only work with customers who share similar values to ourselves. Our financial success comes from a stringent review of risk taking on projects and walking away from schemes when the balance is not acceptable.
“As the business continues to grow and diversify, I’m particularly proud that social value remains at its very heart, with our values and the wider benefits of training, local employment and community initiatives, remaining the driving force behind all of United Living’s projects.”
United Living works with registered housing providers, local authorities and private developers to source land and deliver high quality homes and refurbishment programmes. In 2017-18 United Living built approximately 1000 new homes and refurbished more than 7,500 properties across the country.
With training and apprenticeships being vital for the sector going forward, United Living is proud to be part of the 5% Club to support the recruitment of apprentices, sponsored students and graduates and also aligns with the GEM Programme to bring an intake of graduate trainees into the business each year. Receiving a special commendation from Women in Construction in respect of the work we are doing to encourage a more diverse workforce further bolsters the work United Living is doing to encourage young people to choose construction as a career of choice.