Kori Construction profits swell from later living growth

Kori Construction has reaffirmed its commitment to delivering projects within the retirement build sector, as healthy revenue and profits reflect an encouraging rise in demand. 

Turnover for the year ended 31 March 2024 was £54 million, up 56 per cent from £34.7 million in the previous financial period, generating a pre-tax profit of £4 million (FY2023: £1.5 million). 

The Corby-headquartered contractor, whose services cater predominantly to the later living sector, generated a healthy operating profit this year of nearly £4 million, up from £1.5 million in the prior financial year.        

“The company has safely delivered five projects totalling 332 beds in the year, bringing our total completed beds to over 1,000”, said Kori. 

“Within the wider later living sector, we have experienced increased demand in the retirement and independent living space which reflects 35 per cent of our pre-construction opportunities in the year.” 

The Northants business provides design and build and construction services to care home developers, occupiers and funders nationally, for projects ranging in value between £5 million to £25 million. 

Net assets and shareholder funds this year were valued at £4.1 million, up from £2 million the year before, with cash reserves of £13.2 million, a dramatic rise from £6 million in FY2023.  

Kori’s profit for the year was nearly £3 million, compared to £1.2 million in 2023.   

“With a further 10 projects under construction totalling 671 beds, the company continues to experience significant demand in the sector,” said Kori.  

“With a large undersupply of beds predicted over the next 10 years, alongside and ever-growing ageing population, we expect this demand to continue and our focus will remain strongly on the sector.” 

Was this interesting? Try Fitout firm Corley and Woolley seeks to restructure 

If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk