Urban Splash Group accounts show progress in a difficult year
— A “solid performance in a difficult year”
— Turnover up 69% to £66.5m
— The Group looks ahead to an active development pipeline with sites in Plymouth, Milton Keynes, Swansea, Birmingham, Windermere, Sheffield and Manchester
Award winning regeneration company Urban Splash has released its annual accounts for the year ending September 2021 showing a solid performance in a difficult year.
The results show a 69% increase in turnover – up to £66.5m from £39.4m in the prior reporting period. Profit before tax was up 102% at £8.5m, net assets increased by £4m to £36.8m, and third party debt was reduced to £59m – a decrease of £9.6m.
The accounts also show a continued strong performance for the Urban Splash commercial portfolio. Despite much of the trading period being affected by COVID, assets were revalued at £97.1m – an increase of £4.6m, reflecting an uplift of 48% on the previous year. The increase is reflective of the company’s efforts in supporting commercial customers through the pandemic – with a response team and support put in place to help operators weather the restrictions of lockdown. The move also saw Urban Splash take occupation levels to a record high during the year.
Since its year end, the Group has continued to nurture its investment portfolio and move development sites forward; in 2022 it announced a £43.5m refinancing deal with Aviva, continued to invest in its commercial portfolio, and progressed works at Melville in Plymouth and Park Hill in Sheffield – completing significant phases at each during the year.
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