Avro, Urban Splash, P Cubed PR
Urban Splash credits developments like Avro in Manchester for its successful 2020 fiscal year. Credit: via Cubed PR

Urban Splash reports £7m revenue increase

Julia Hatmaker

The Manchester-based developer released its annual results for the fiscal year ending on 30 September 2020.

Sales were reported as £39.4m for that fiscal year, compared to £32.3m in 2019. However, the 2019 figure includes the activities of House by Urban Splash, the company’s modular housing business that has since demerged. Taking out House’s sales in 2019 would leave Urban Splash with revenue of £24.7m. That means the company increased its turnover by 22% between 2019 and 2020.

Urban Splash Group Holdings’s tangible assets have increased in value by £5m over 2019’s results and now exceed £100m.

“I am proud to record these results, which demonstrate our resilience as a business,” said Urban Splash chairman Tom Bloxham. “Even in the context of an unpredictable macro environment, the efforts of our colleagues across the country mean that we are well-positioned for the future.”

Urban Splash said £7m revenue increase was made possible, in part, by how it managed its 1m sq ft commercial investment portfolio. That included investing six figures into the Matchworks in South Liverpool to create external and breakout spaces, recreation areas, a café venue and an indoor climbing gym.

A dedicated response team helped tenants stay in their space during the pandemic, which Urban Splash said resulted in the increase of its commercial property portfolio’s evaluation from £2.5m in 2019 to £3.1m.

“I’m proud that in taking swift action, and demonstrating our customer-focused approach, we were often able to offer financial, marketing and business support to these companies – something which has helped take our occupation levels to historic highs,” Bloxham said.

Another factor in the group’s success was its non-modern methods of construction projects, including restoring the Avro in Manchester.

Urban Splash said that it will continue investing in its commercial portfolio and taking on non-MMC developments. It will also continue crafting joint venture partnerships to develop large scale neighbourhoods while funding smaller-scale developments.

“Our commitment to great design, our customers and our communities have helped us establish a resilient business,” Bloxham said. “I am proud that, even against the backdrop of the pandemic, we can continue to work across the country in creating much needed new homes, workspaces and amazing places in which people can live, work and play.”

Your Comments

Read our comments policy here

A lot of profit to all except the paying above the odds tenants.

By Nimble nimbly