Developer reports second consecutive big loss but says it has restarted on number of stalled sites
Urban Splash has reported a £10.3m loss but has said it has seen a recovery in its markets.
It is back on site on a number of schemes and has pencilled in £60m for construction work during the year to March 2011.
The £10.3m pre-tax loss up to March 31 2010 is a dramatic recovery on its £38.3m loss the previous year, though the firm said “this last year has been another tough one”. Its turnover dropped from £49.9m to £34.5m, which it put down to difficulties in the mortgage market, according to the Manchester Evening News.
Chairman Tom Bloxham said: “We as a business are not yet through all the difficulties, but I believe we can now see a clear way forward.
“I believe my team has done an amazing job navigating through the difficulties of this economic recession, the drop in property values and banking collapse. I am very proud of what we have achieved last year but there is still much to be done.”
The firm is currently onsite in Sheffield, Bristol, Stalybridge and Manchester and Bloxham said it was seeking further opportunities.