Morris Homes trading ahead of last year

Wilmslow-based Morris Homes reported an 11% increase in revenue for the year ended 31 March 2012. The privately owned company turned over £150.4m, up from £136m in 2011.

Operating profit was also up by around 10%, to £23.5m compared to £21.6m last year. Average selling price rose 5% and operating margin was 16%, the same as last year.

Mike Gaskell, managing director, said: "Against a difficult economic background the housing market was remarkably resilient throughout 2011 with Morris continuing to benefit from its strategy of building high quality family homes in areas of strong underlying demand.

"With a 95% customer approval rating the company was again awarded the maximum five stars in the government backed Home Purchaser Satisfaction Survey. We also continued to top the NHBC's reportable items league for its UK's top 25 housebuilders and won more NHBC Pride In the Job awards for our size than any other UK housebuilder."

Since the financial year ended, the company enjoyed summer reservations 17% ahead of the same period last year and prices 2% ahead.

Morris said it would start selling at 15 sites in the next nine months.