Salboy revenues soar by £32m but profits dip

The developer behind plans for Manchester’s tallest tower increased turnover from £48.4m to £80m for the year ended 31 March 2025 but saw earnings decrease from £1.7m to £1.4m year-on-year.

Salboy, owned by Betfred founder Fred Done and his business partner Simon Ismail, is arguably Manchester and Salford’s most active developer at present.

The firm’s current projects include a 76-storey Nobu-branded tower in Manchester city centre, the £195m Waterhouse Gardens off Great Ducie Street, and up to 1,000 homes on the Renault site off Blackfriars in Salford.

Salboy’s financial results for the 12 months ended 31 March 2025 are “in line with expectations”, the company said.

Revenue increased by £32m but gross profit margin was down from 31.5% to 23% compared to the year before. This was down to an increase in the cost of sales and reflected in £300,000 decrease in pre-tax profit.

Salboy has retained capital and reserves of just under £16m.