Bruntwood has filed its latest set of accounts for financial year ending September 2012. The accounts highlight a strong performance for the family-owned company, which had its best year for new lettings since 2007. Profit has increased by 10% to £12.4 million (approx. 14.3 million) and turnover is up by 6% to £105 million (approx. 120.8 million).
Net worth fell slightly to £303 million (approx. 348 million), down 5% from 2011, which is attributed to the knock-on effect of the recession on the property market in general.
After securing a new £120 million (approx. 138 million) 10 year facility with Legal and General in January, Bruntwood has taken a further leap in its group refinancing by agreeing a £229 million (approx. 263.4 million) extension of its Commercial Mortgage Backed Securitization (CMBS). The extension to January 2016 was passed unanimously by bond holders at yesterday's EGM.
Chief Financial Officer Kevin Crotty commented, "In recent weeks we have secured nearly two thirds of our group refinancing requirements. Agreeing a new 10 year facility and passing a unanimous CMBS extension vote is a strong show of confidence for the group and demonstrates that there is demand out there for the right proposition".
The company is now focused on growth in new sectors. Chief Executive Chris Oglesby said "the demand for our development expertise and our strong financial position is enabling us to grow the business in exciting new sectors. 2013 will be one of our busiest years for new developments including four hotel schemes in three cities, an 80-bed care facility with Care UK in Greater Manchester, the development of Manchester Business School with the University of Manchester and the completion of 94,000 ft² (approx. 8,730 m²) of state- of-the-art medical facilities at Citylabs. In addition to all this we're pushing forward with our ambitious plans for Manchester Science Park".
Bruntwood will also begin the redevelopment of three of their office buildings in Manchester city center: Overseas House, Elliott House and Bank Chambers, as well as continuing works at Centre City in Birmingham, acquired in 2012, and City House in Leeds.
Source: Bruntwood
