Regeneration company Urban Splash has revealed a spike in its turnover and pre-tax profits.
The Manchester-headquartered business, which also has properties in Sheffield, Birmingham, Cambridge, Bristol and Bradford, has posted a turnover of £66.5m for the 12 months to the end of September 2021, a rise of 69%. Its pre-tax profits also jumped by 102% to £8.5m, the company added.
Urban Splash added that its net assets increased by £4m to £36.8m and third party debt was reduced by £9.6m to £59m.
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The company has not yet released its results for the 12 months to the end of September 2022. The accounts for the year to September 2021 are also overdue to be filed with Companies House.
The figures, which have been published by Urban Splash, come after the company's joint venture with Sekisui House UK - a subsidiary of the Japan-based Sekisui - and Homes England, collapsed into administration in May with the loss of 160 jobs.
BusinessLive reported in June that the joint venture owed creditors more than £8.3m and had an estimated total deficiency of £4.4m.
In the following month, Urban Splash announced a £43.5m refinancing deal with the global asset management business of Aviva plc.
A part of the arrangement, the investor committed to funding an 800,000 sq ft workspace portfolio primarily focused on Liverpool and Manchester.
Urban Splash also recently announced that the value of the Urban Splash Residential Fund more than tripled during its latest financial year as its profits spiked.
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