Net assets also increased by £2.2m to £12.7m. This follows a steady level of private house sales and continued strong performance within the company’s affordable housing division.

The underlying financial strength and longevity of the Fife-based housebuilder has helped it withstand the difficult trading conditions experienced by many companies within the sector over the last several years.  

During the year the company progressed with its private housing developments at Oak Bank, Glenrothes and Strathearn Gait, Crieff, where sales levels remain steady in what are still challenging and competitive market areas. Campion Homes has also now successfully launched a new 75 home development at Strathmore Meadows, Meigle.

Campion Homes maintains a healthy pipeline of land for private house sales with full planning consent in place for 72 homes at Balcurvie, Fife. Profits for the financial year were positively impacted as significant costs associated with this land acquisition, which had previously been expensed, were capitalised upon acquisition. 

During the reporting period the company delivered a total of 93 homes for housing association and local authority clients and commenced construction on 178 new homes for this sector. A total of 260 affordable homes were under construction at the end of the reporting period.

Notable developments completed during the year include the first handover at Charleston, Dundee. This accessible housing development, led by Blackwood Homes and Care, will deliver 66 homes, complete with state-of-the-art technology and design features, to enable local people to live independently in their own homes for as long as possible.   

Pete Bell, executive chairman at Campion Homes, said: “As we expected, our financial year to June 2024 was a successful one, despite the backdrop of continued challenging market conditions.

“We were pleased to see positive improvements in consumer confidence during the second half of our financial year and our three private developments are returning positive results for the business. 

“Our exceptional track record of working closely with a number of housing associations to deliver much needed new homes has continued this year and we were delighted to see our partnership with Kingdom Housing Association at Alloa recognised for two awards.”

Mr Bell continued: “As well as employing a skilled workforce we enjoy long term positive relationships with clients and subcontractors.

“As an independent family-run business we can afford to take a longer-term view and we look forward to continuing to make a significant contribution to the sector. This includes continuing to invest in our people and the local economy so we can deliver much needed homes.”

Campion Homes acknowledges the challenges surrounding the cut in Scottish Government grant funding for affordable housing announced at the end of December 2023 and continues to engage widely with partners and stakeholders to ensure affordable housing remains a national priority.

The company has a healthy pipeline of affordable housing contracts in place with its wide-ranging client base and the majority of revenue for the FY25 period is contracted. However, as uncertainty regarding grant funding levels for financial years beyond 24/25 continue, this may have an impact on future activity levels for the company in this area.

Campion continues to work closely with its affordable housing clients to ensure its pipeline of developments are immediately ready to progress when grant funding becomes available.