Nova Homes Division of Clark Contracts Nears Start of First Building Projects

Strategic Insights -

Clark Contracts' private homes division, Nova, is on the verge of beginning work on its first projects in Glasgow's Bishopbriggs and Neilston, after assessing over 150 sites. The division has secured around £65m of work, with £20m coming from Nova, which will carry out the building work. Nova's senior team, led by Gordon Cunningham and Ed Monaghan, a Scottish housebuilding veteran, has fine-tuned its offer and preferred size of development over the last two years.

Key Takeaways:

  • Nova, the private homes division of Clark Contracts, is set to start its first building projects in Glasgow's Bishopbriggs and Neilston, after securing two sites.
  • The division has been working on over 150 sites, with a detailed planning application to be submitted for the Neilston project shortly.
  • Nova expects to go on site in Bishopbriggs around Easter next year and in Neilston next summer.
  • The division has secured around £65m of work, with £20m coming from Nova.
  • Clark Contracts' wider business is performing strongly, with a record £106m turnover in the year to October 31, 2024, and pre-tax profits increased to £2.3m.
  • Nova's senior team has fine-tuned its offer and preferred size of development over the last two years, with a focus on building a broader range of two, three, four, and five-bedroom homes.
  • The company has a headcount of around 280 people and expects accounts for the current year to show turnover increased to £140m.

Statistics:

  • £106m: Record turnover for Clark Contracts in the year to October 31, 2024.
  • £88m: Turnover for Clark Contracts in the previous year.
  • £2.3m: Pre-tax profits for Clark Contracts for the year to October 31, 2024.
  • £140m: Expected turnover for Clark Contracts in the current year.
  • 280: Headcount for Clark Contracts.
  • £65m: Work secured by Nova, with £20m coming from the division.
  • 150: Number of sites assessed by Nova.
  • 10-12: Number of sites that Nova has bid for.
  • 40 years: Length of time Ed Monaghan worked for Mactaggart & Mickel.

Sources:

  • The Herald
  • Scotland's state bank
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