Ballymore’s profits more than doubled to £67.1m in the year to the end of March 2015 as the company benefited from the sale of its Millharbour, E14, joint venture to Galliard.
The £50m windfall lifted profits despite a 42% drop in turnover to £148m.
The firm exchanged on the sale of 884 homes, at an average price of £460,000, in the year.
At the end of March 2015 it owed £629m to its creditors.
By April 2016, this figure will be significantly reduced due to the creation of a new joint venture with EcoWorld on schemes including London City Island, E14 (pictured).
