Residential developer London Square has posted a near doubling of profit in its latest results, covering the year to 31 March.
The London-focused business, set up by former Barratt directors Mark Pain and Adam Lawrence in 2010, reported operating profit of £30.7m, up from £17m a year earlier, and a gross profit margin of 20.5%, down slightly on the previous year’s 21.3%.
Gross tangible asset value was ahead year-on-year at £263m and the company finished the year with £48.2m of cash.
The company’s land pipeline has grown by more than a third to 4,897 homes, with a gross development value of £2.5bn. The number of homes completed during the year rose to 502 from 328 the previous year, and forward sales increased to £456.2m from £195.4m.
Chairman Mark Pain said: “Encouragingly, despite a challenging economic background, the business continued to deliver on its strategy to expand into partnerships-based business lines, with Square Roots and London Square Living both growing significantly during the year, contributing to a more diverse and robust business.”
The company has developed an affordable housing initiative through Square Roots and achieved registered provider status, with construction under way on four sites and more in the pipeline.
The company also developed a build-to-rent partnership through London Square Living, undertaking its largest single development on the Nine Elms Scheme to provide 756 homes, 467 of which are BTR. The housebuilders also have offers accepted on two further BTR schemes.
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