Flaxby-based modular housing developer Ilke Homes has posted a loss of £41m in its latest annual report.
The company, which has 500 employees, builds homes at its factory on Flaxby Moor Industrial Estate near Knaresborough that are then delivered across the UK.
In the year to 31 March 2021, the company sold 199 homes, up by a third from the previous year.
The report says the company was “significantly impacted” by covid. It adds a restructuring and redundancy programme in summer 2020 led to the departure of 122 employees.
But it adds that the long-term future of the company is healthy and it aims to become a top 10 house builder within the next five years.
It adds:
“In spite of these significant interruptions to business operations and to the wider economic environment, the company continued to make meaningful process, with additional designs and approvals, factory automation and production process improvement leading to capacity growth, sales pipeline development and strengthening the senior management team.”
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Since the company was founded in 2018 it has yet to turn a profit, and has reported combined losses of over £100m.
Homes England, the government’s housing agency, has invested £60m into the company since 2019.
The Stray Ferret asked Ilke Homes for comment but did not receive one by the time of publication.
