AN improvement in the new-build housing market has led to a marked increase in profits at Ballyclare-based Hagan Homes, its latest set of accounts reveal.
Although sales in the year to June 30 fell back slightly from £18.7 million to £17.2 million, its gross profit lifted from £3.3m to £4.7m.
And on a bottom line basis, it retained after-tax profits of £3.2m - up from £2.1m in 2017, according to figures filed with Companies House.
The directors said they are pleased with the results despite a small dip in turnover, due to the number of sites developed and made available for sale in the year.
Hagan Homes said it has also invested in additional land banks to enable future development.
Last November it announced plans to build 2000 new homes over the next decade as part of an ambitious £300 million development programme which is expected to create and sustain hundreds of jobs in the local construction sector.
The Hagan accounts reveal that James Hagan is now sole director of the firm, with his son Jamesy Hagan having resigned on May 24 last year.
The company is listed as having just eight staff and a wages bill last year of £433,450, with £26,931 being paid to its principal directors.
Meanwhile construction has just started on the second phase of Hagan Homes’ £10.5m Seventy Six South development in the Village area of south Belfast, a scheme comprising 14 three-bedroom semi-detached homes.
Once completed, Seventy Six South will be a private development of 76 three-bedroom semi-detached homes.
The overall development is scheduled for completion in 2022, and some 50 construction jobs have been created so far.
The first phase, which started last June, included construction of 24 new homes, all of which have been booked. Homes in phase two are now on release with prices starting from £145,000.
Jim Burke, director of sales and acquisitions at Hagan Homes, said: “It is encouraging that the first phase of Seventy Six South development in South Belfast has sold so quickly, which means we can now progress construction and release of the second phase.
“Each three-bedroom, semi-detached home is finished to the highest standard with a generous turnkey package, including a fully fitted stylish kitchen and modern bathroom suite.
“The demand for superior homes in Northern Ireland, which offer value for money, remains extremely high.”
