One Heritage Group Reports Positive Sales Growth but Mixed Financial Performance in H1 FY24

One Heritage Group plc, a residential developer operating primarily in the North of England, has unveiled its interim results for the six months ending on 31 December 2023. Highlighting a significant increase in revenue, the company reported sales of £9.15m, up from £5.75m in the same period the previous year. This boost is attributed to a notable surge in both sales and construction services.

Despite the revenue increase, the company faced a gross profit of only £0.16m, a modest improvement from a £0.28m loss reported in H1 FY23. Impairments were reduced to £0.33m from £1.10m, yet the company still recorded a pre-tax loss of £1.94m, more significant than the £1.57m loss seen the year prior. Basic loss per share increased to 5.2p from 4.1p, and net debt rose to £18.67m, up by £1.73m, primarily to support the completion of developments ahead of legal completions.

The company undertook noteworthy operational activities, including the commencement of construction for the 129-unit One Victoria in Manchester and a new build housing project consisting of 24 houses in West Yorkshire. Moreover, the company celebrated the practical completion of notable developments post-reporting period and embarked on various financial arrangements to reinforce its financial position.

Looking forward, One Heritage remains optimistic about FY24, focusing on a strong sales pipeline and diversification into new housing projects in high-demand locations. The company's CEO emphasizes the strategic shift towards leveraging the brand and team for broader market outreach and product offerings.