Urban Splash records growth in ‘difficult year’
The Manchester-based regeneration company saw profits double in the year ended 30 September 2021.
Urban Splash made an £8.5m profit before tax, more than double the previous year.
Revenue also increased by 69% to £66.5m from £39.4m during the period.
Net asset value increased by £4m to £36.8m, and third-party debt went down to £59m – a decrease of £9.6m, according to Urban Splash.
The value of the developer’s commercial portfolio increased by £4.6m and is now worth £97.1m, the company said.
The results show “a solid performance in a difficult year,”, according to Urban Splash.
Since the end of the financial year, Urban Splash has secured an eight-year, £43.5m debt facility with Aviva Investors.
The company plans to spend the money updating its commercial portfolio.
Earlier this year, modular housebuilder House by Urban Splash went into administration.
House by Urban Splash was a joint venture between Urban Splash shareholders, Japanese modular firm Sekisui and Homes England.
The company de-merged from Tom Bloxham’s wider Urban Splash group in 2019.
I bet this will be comforting for all of the people who lost their job with no notice or consultation when House by Urban Splash went under!
By Anonymous
It’s a disgrace that they can just fold another SPV whilst making decent margins elsewhere – especially given that public land and money was involved in the JV. Hang your heads in shame.
By John W