Urban Splash posts record pre-recession figures

PROPERTY developer Urban Splash has recorded its best figures yet but chairman Tom Bloxham has compared the accounts to a document from another era.

In his report Mr Bloxham said studying the group’s latest filed accounts for the year to March 31, 2008 was, “like looking into a past world” because the economic landscape has changed so much.

Nonetheless, he said he was proud of the figures which show a 20% increase in turnover to £74.5m. Pre-tax profit rose 10% to £3.2m.

Revenue from sales of completed apartments rose by 29% to £63.2m. During the period the group sold flats at developments in Bradford, Salford and Manchester, and pushed on with projects across the North, including the Park Hill rebuild in Sheffield.

The Manchester-based group has always retained its commercial property developments and earned £8.1m in rents.

Mr Bloxham admitted the recession has prompted some of the “hardest decisions” of his life and the business had lost “colleagues and friends” in several rounds of job cuts.

But he believes Urban Splash is now in better shape. While sales are still not easy, said Mr Bloxham, he noticed a “flight to quality” which is attracting buyers who value the group’s designs.

Mr Bloxham also admitted the group had found it difficult to raise funds but has just agreed a three-year renewal of a £101m HSBC facility. Another facility worth £125m, provided by HSBC, the Royal Bank of Scotland and the Co-operative Bank, is up for renewal in 2013.

Mr Bloxham stressed that the group’s strong asset base, experienced staff and strong working relationships would see it through the downturn. He added: “I believe this upturn will happen before Christmas, I’m just not sure which Christmas!”