Holiday homes giant Willerby has delivered record turnover and profits, buoyed by the continued popularity of UK holidays and short breaks
The Hull-based market leader has posted revenues above £200 million for the first time in the company’s 77-year history, as it continues to capitalise on a buoyant staycation market.
In the year to October 2022, it recorded a 67 per cent uplift in sales from £129.9 million to £217 million, with operating profits rocketing from £3m to £15.1 million - a fourfold increase. And the success will filter down to the 1,150-strong workforce, with a “new and improved staff bonus scheme” introduced during the year, with every member benefiting.
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Willerby pumps £35 million into the local economy in wages alone, at the real living wage or above, as it builds a third of all new static caravans and lodges destined for holiday parks. Willerby Bespoke, its residential park homes business that launched in 2018, has also become a profit contributor to the business.
Chief executive Peter Munk said: “There’s no doubt there has been a structural change in the market since Covid, which we believe will benefit our business and industry over the long term.
“The UK has some of the world’s most stunning locations, currently being showcased to millions of people in Sir David Attenborough’s beautiful BBC series Wild Isles. The appeal of the British countryside and coast has never been greater.
“We’ve also seen very significant institutional investment into the staycation market, especially in the holiday parks sector, and in upgrading facilities at sites across the country.
“That has all fed through to a sustained surge in holiday home ownership and bookings at holiday parks which has, in turn, generated very strong demand for our static caravans, lodges and residential park homes.
“Our order book is very strong and we’re now setting out detailed production plans for 2024, to meet the robust demand for our models.
“Despite the unprecedented challenges we have faced in recent times, from Covid to inflationary pressures, we’re in an exceptionally strong position. We’re at the forefront of a vibrant and growing sector and the investments we’re making are ensuring we’re well placed for sustained growth.”
The company is at the forefront of an important and growing UK manufacturing industry, which is clustered in Hull and East Yorkshire and employs 20,000 people directly or indirectly within the region. Across the city in Cottingham, Swift is also enjoying strong growth, and has just launched its first ever national television advertising campaign. Another Hull operator, Atlas Leisure Homes, has also seen sales nearly double.
Mr Munk said full-year results are particularly remarkable as performance in the first half of the year was impacted by continued pandemic-driven interruptions to raw material supplies and Covid-related staff absences.
Willerby’s chief financial officer Sue Allan said: “We’re particularly pleased that employees in every part of the business have shared in this success. It’s a guiding principle of the business that everybody contributes to the company’s success and also benefits from it.
“We’re also proud of the commitments we continue to make to R&D, training and development, and skills. These are investments in the business and also the local community and economy that we’re an important part of.”
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