Joint venture income boosts profit at Mount Anvil

Mount Anvil has reported an increase in pre-tax profit after a boost to its share of joint venture profit.

The housing developer and contractor in its accounts for the year to 31 March, reported pre-tax profit of £10.9m. This is up from £10.6m reported for a 15-month period a year earlier due to a change in reporting periods. On a pro-rata basis, Mount Anvil’s profit rose by 28%.

The figure was boosted by a £22.1m share in JV profit, compared to £16.2m for the previous 15 month period. The group reported £345.5m in turnover, compared to £359.7m previously.

Mount Anvil built 662 homes in the year with an average selling price of £591,000. It delivered homes at The Verdean, One Clapham Junction, Queens Cross and Chelsea Botanica in the period through its JVs with housing association Peabody and ExCeL London

It is targeting 796 more completions this year and has grown its pipeline to 4,505 homes.

The group’s in house construction business Mount Anvil Limited generated turnover of £178.1 million, compared to £227.6m for the previous 15-month period.

It said: “While London continues to stand apart as a global city, demand for new build homes is subdued. Our focus has been on sharpening our sales and marketing capability, ensuring we launch well, sell effectively and stay in control, even as market conditions shift. This underpins our disciplined approach to pre-sales and how we manage risk across the business.”