Manchester-based Bruntwood has recorded a 10% drop in total assets, minus liabilities, following the release of its annual account report for the year to 30 September.
For the first time in its 30-year history Bruntwood has reported a drop in net worth, which now totals £394m.
However, the family-owned group did provide some positive news in the report. For instance, it stated:
- Like-for-like pre-tax profit had risen 28% to £11.5m
- Turnover increased 7% to £87m
- Investment of £63m was made on new acquisitions
- £48m was invested in servicing property
Bruntwood, which employs 400 staff, said it has little customer default, and only 4% vacant stock.
With property across Manchester, Liverpool, Birmingham and Leeds, Bruntwood said it was in a strong cash position to weather the downturn and exploit new opportunities.
The report said, overall, the group's loan to value ratio is 56% which it said made it much less leveraged than many in the industry.