Bruntwood reports 10% drop in net worth

Michael Hunt

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.

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