Tom Bloxham’s Urban Splash development company has announced pre-tax profits of £10.6m in the full year to the end of 30 September 2015, an increase of 39.5% on the previous reporting period.
Turnover was reported at £25.1m, down 43.5% on the previous reporting period of the 15 months to 30 September 2014.
In a statement, Urban Splash said the reduction in turnover reflected a shorter period of accounts and the prior period including a one-off disposal of an £18.9m portfolio of residential property.
The results also reported a reduction in the group’s third party debt, with cash reserves of £7.8m at year end, increasing further to £12.1m at 31 March 2016.
The value of its commercial property portfolio was up £11.6m, an increase of 18.4% on the reporting period.
Bloxham said it had been a year of consolidation and development for the company.
Highlights included the completion of the company’s first modular housing scheme – New Islington, Greater Manchester – and its appointment on the 1,000-home Icknield Port Loop scheme in Birmingham with joint venture partner Places for People.
• To send feedback, email louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
