South-east housebuilder Croudace Homes has announced a pre-tax profit of £15.7m for 2009 and expects to raise production for 2010 by 22%

The Surrey-based firm’s 2009 results show a successful return after land writedowns caused a loss of £21m in 2008. But the amount is still considerably less than the £32.7m

it made in 2007. It also completed just 279 homes – its lowest number for more than 10 years.

However, the firm has been raising work levels on existing and new sites “in anticipation of a planned increase in completions for 2010”. The firm expects to build 340 new homes in 2010.

Croudace was in line to be bought by the Hyde Housing Association in 2008, but the deal fell through at the eleventh hour due to the recession.

The report said: “After a hiatus of over a year the company re-entered the market for new land in mid 2009. Since then a number of new, smaller parcels have been acquired, but we are now stepping up activity to secure new sites to bring forward for production in 2011/2012.”

Croudace was in line to be bought by the Hyde Housing Association in 2008, but the deal fell through at the eleventh hour due to the recession.

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