Profits grow at Langtree despite ‘headwinds’

Newton-le-Willows property developer, Langtree Group, saw profits jump last year from £1.5m to £8.9m.

The group put the improved figures, for the year to 30 June 2011, down to a "better performance" in both its property and development activities.

Sales at the business grew significantly from £13.8m in 2010 to £52.5m which was down to asset sales, increased rental income through acquisitions and construction turnover associated with the development of the new St Helens rugby stadium.

Langtree, owned by Bill Ainscough, also said it was now weeks away from completing the long-awaited Festival Gardens in Liverpool.

The business now has more than 1,000 tenants across 4m sq ft of office, industrial and warehousing space in the North and Midlands.

Occupancy across the estate rose from 81% to 83% and the rent roll during the period was £15m, up from £13m in 2010.

Ainscough, the group's chairman, said: "There are still plenty of headwinds out there but we have a robust business model and a seasoned management team that have delivered strong results.

"We'll remain cautious in our approach but will move development projects forward so that they can be ready to add value when the market improves. We remain on the look-out for well-tenanted acquisition opportunities."

During the year the firm acquired the 120,000 sq ft Warrington Central Trading Estate and St James Business Centre, also in Warrington.

It also completed the development of the 18,000 capacity St Helens rugby league stadium, Langtree Park, and secured Enterprise Zone status for its Daresbury Science and Innovation Park joint venture with the Science and Technology Facilities Council and Halton Borough Council.

"We'll shortly be unveiling our plans for the future of Daresbury and there's no doubt that this could be a game-changer for the north west economy," said Ainscough.

The company has also formed a strategic partnership with Oldham Council to bring forward the development of Hollinwood on the M60.

Langtree employs 54 staff across four offices.