Urban Splash reports pre-tax losses in ‘improving’ market

 

Manchester developer Urban Splash said business was improving as it posted sharply narrowing pre-tax losses, down from £38.3m last year to a deficit of £10.3m.

 

The company has reported revenues down from £49.9m in 2009 to £34.5m in the year to 31 March, due to the difficult mortgage market.

 

Rental income increased from £10.6m to £12.7m, with commercial revenues up from £9.1m to £10.6m.

 

The group secured new finance worth more than £150m to support its balance sheet, which will allow it to complete schemes in Bristol, Leeds and Stalybridge, while net debt remained virtually unchanged at £221m.

 

The urban regeneration specialist owns and manages more than 2m sq ft of commercial space and more than 400 apartments.

 

Chairman and founder Tom Bloxham said: “The last year has been another tough one, but we’ve battled through it and made progress on many fronts and the outlook is now improving.”

 

paul.norman@estatesgazette.com

 

To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.