A North West-based property developer, contractor, and operator has seen turnover rise to £116.1 million on the back of an “impressive” order book, while strengthening its leadership team to support continued expansion into the build-to-rent (BTR) sector.
For the year ended 30 September 2024, Liverpool-headquartered Legacie Contracts achieved a 19.5 per cent increase in turnover compared to the previous year’s £97.1 million.
The firm described the construction sector in 2024 as a “challenging environment to operate in”, with a range of geopolitical factors, ranging from the new government to international tariffs and foreign conflicts, directly impacting financial markets, market appetite, and commodity prices.
It noted that while inflation affecting construction costs had stabilised in the year, overall costs remained at their “highest levels in modern times”.
Additionally, the firm acknowledged that while the Gateway process for high-risk residential buildings, introduced by the Building Safety Regulator in October 2023, has resulted in challenges and delays, “these issues should smooth with time as the industry adapts” adding that the regulations would ultimately “bring increased certainty over construction risk” in the long term.
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Founded in 2015 by Liverpool-native John Morley, Legacie has completed more than 20 developments, delivered 3,000 homes, and has 2,500 homes currently under construction with a further 3,000 in the pipeline.
Pre-tax profit for the period stood at £76,000, up from £26,000 in 2023, while operating profit increased marginally to £80,000 from £40,000 the previous year.
The firm also improved its gross profit margin to 3.4 per cent, compared to 2.9 per cent in 2023, and its cash at bank stood at £2.2 million, down slightly from £3.6 million the previous year.
In a move to strengthen its leadership, the company recently appointed Mick Slater as chief financial officer and promoted Gavin Currie from managing director to chief operating officer, both of whom will support the next phase of strategic growth and BTR expansion.
Slater, who spent 11 years at Vita Group, brings extensive experience in residential and student accommodation, while Currie, former managing director at housebuilder Bancon Group, joined Legacie in 2021.
Looking ahead, the firm said it is well-positioned for continued growth, with year-on-year increases in revenue and an “impressive” order book, driven by strong demand for homes in the North West and beyond, supported by a strategic model and robust governance.
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