MSP reports strong 2010

Manchester Science Parks produced an increased pre-tax profit of £721,000 on turnover of £3.2m in 2010.

Profit rose sharply from £275,000 in 2009 and turnover was up slightly from £3.1m. MSP's net asset property valuation went up by 13% on the previous year to £13.3m.

The increase in profit was due to cost savings and the first full operating year of One Central Park and Salford Innovation Park.

MSP ended the year with 89.1% of total lettable space occupied. There was a net increase of seven in the number of tenants across the four sites in the MSP portfolio.

Jane Davies, chief executive of Manchester Science Parks, said: "In 2010, many companies, MSP included, began the trading year in a mixture of hope and trepidation that a focus on cost reduction and concentration on core strengths would deliver a positive result for the business despite the tentative economic recovery. Fortunately, judging by the positive information on growth, turnover and new products or services taken to market in our annual tenant survey, this hope was not without reason and we have highlighted some key successes in the review.

"As for MSP, we focussed on costs and identified savings in all areas across the business whilst making a determined effort to improve services. This has worked well with our customer satisfaction rating also improving and we are confident that the business is in a good place from which to implement further expansion in the next five years."

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