Mar City back in the black

SOLIHULL-based housebuilder Mar City has moved into profit.

Its interim results for the six months ending June 30 show profits of £303,000 (H1 2011: loss £595,000) on revenues of £4,031,000 (H1 2011: £451,000).

And its on-going portfolio of work seems to confirm that things are definitely picking up in the sector.

The firm says it has three contracts currently underway comprising 165 houses with revenue value in excess of £14m.

And it has new contacts pending for the construction of a further 275 houses and apartments with revenue value in excess of £20m.

A further second phase project of 30 houses for potential open market sale is also expected in the second half of 2012.

Chairman Hamilton Anstead said: “We are very pleased with the progress made in the first half and, in line with our strategy, we expect to see further progress in the second half.

“We believe these interim results and the very positive news in a number of contractual and other key areas represents excellent progress towards the board’s strategy of establishing the group as a leading independent house builder.”