Sales for Fife housebuilder Campion Homes fell by more than £12 million due to “extremely difficult trading conditions” last year.
Newly published accounts show the Dunfermline business saw turnover fall from £48.5m in 2022 to £36.3m for the year to June 2023.
The family-run firm also posted pre-tax losses of £864,071 for the year, compared to profits of £1.3m in 2022.
The company said fixed price contracts negotiated pre-Covid were significantly impacted by the material price rises.
Labour and material shortages and planning delays also affected the firm’s performance.
Executive chairman Pete Bell said: “As a family business delivering homes for nearly 35 years, we take a long-term view of our company and the market.
“These results reflect the extremely difficult trading conditions facing the whole housebuilding industry post Covid.
“We have an exceptional track record of working closely with a number of housing associations to deliver much-needed new homes.”
Achievements despite difficult year
Mr Bell also reflected on the firm’s achievements throughout the financial year.
Campion progressed its Oak Bank development at Glenrothes and launched a new development in Crieff.
The company also marked a major milestone earlier this year with the completion of its Gauldry development on behalf of Kingdom Housing Association.
Throughout the financial year, Campion Homes delivered a total of 368 homes for housing association and local authority clients.
And it started construction on further 137 new homes for the affordable housing sector.
It was also named homebuilder of the year – affordable housing provider at the Homes for Scotland Awards.
In addition, the Fife business won the excellence in customer service prize at the Scottish Home Awards.
Mr Bell added: “We delivered over 368 new homes for our affordable housing clients alone and won two major industry awards.
“We also have two exciting new private developments, with a diverse range of homes which continue to appeal to buyers, despite the current market conditions.”
Praise for Campion Homes’ staff
The accounts show Campion Homes employed a total of 149 staff during the year, a slight reduction from the 2022 figure of 158.
Mr Bell praised the staff for their efforts throughout the year.
He added: “We have a fantastic team and a great pipeline of future work in the private and social housing sectors.
“As well as employing a skilled workforce, we have long-term positive relationships with clients and subcontractors.
“We look forward to continuing to deliver much-needed homes.”
Conversation