Quintain Estates & Development has posted a 6.5% rise in pretax profit and reported it is one-third into a 5,000-home Wembley development pipeline.
The regeneration specialist posted an adjusted pretax profit of £3.3m for the six months to 30 September, slightly up on the £3.1m in the same period in 2013.
During the same period, basic net asset value per share increased to 117p from 106p, while turnover rose to £38.8m from £10.8m.
Quintain said its residential performance during the half-year was strong, with the pipeline at Wembley Park, north-west London, expanded to more than 1,700 homes – 34% of the 5,000 for which it has outline planning consent.
Chief executive Maxwell James said: “Wembley Park is now also making a meaningful contribution to our net rent, due primarily to the opening of London Designer Outlet a year ago and the new management arrangements for The SSE Arena in our growing Leisure Quarter. We anticipate further income growth through active asset management and leasing.”
Net rental revenue rose to £6.9m from £1.3m, boosted by increased rents from the London Designer Outlet, near Wembley Stadium.
As at 30 September, Quintain had £375m of debt facilities and balance sheet gearing had dropped to 29% from 35% in March.
