BRUNTWOOD, the commercial property firm which is behind the redevelopment of City House in Leeds, reeled in record turnover over the last financial year, despite facing a “fairly flat” market.
In the year ended September 30 2016, Bruntwood’s turnover was £118m, which is a nine per cent increase on the previous year. Reporting under the new accounting standard FRS102 for the first time, after-tax profit for the financial year was £69m, compared with the £70m re-stated figure for 2015.
A spokesman said: “Under FRS102, companies are now required to bring revaluation gains into their profit and loss account.”
The spokesman said that, while the 2015 profit figure, was aided by market movements, the 2016 figure was “more impressive as it was entirely the result of the group’s own endeavours in a fairly flat market”.
In Leeds, Bruntwood has remodelled the 120,000 sq ft former City House building in a project which is nearing completion.
Group CEO, Chris Oglesby commented: ‘This has been another fantastic year for the Bruntwood group of companies. Despite the uncertain macro-economic backdrop, demand for our product and service proposition in our core cities remains strong. Vacancy in our investment portfolio is at an all time low, and we now have the capital and financing structure to not only deliver our significant development pipeline, but also to provide resilience should economic conditions change.”