Maryland returns to profit
CHEADLE-based property investment firm Maryland Securities moved back into profit in 2010 to more despite rental inclome falling by 6% to £3.1m.
Newly-filed accounts for the year to september 30, 2010, show that it made a pre-tax profit of £53,033, compared with a loss of over £400,000 in the prior year.
The company said that its operating profits had been boosted by the sale of a number of buildings on which it made a profit of over £200,000.
Maryland Securities is owned by the Jebreel family. It owns more than 4,000 residential properties – predominantly in south Manchester – as well as over 250,000 sq ft of office space in south and central Manchester.
It also has planning permission in place to redevelop 1m sq ft of property on the 15-acre Eckersley Mill site near Wigan Pier.
The company said that rents had “demonstrated remarkable resilience despite the continuing difficulties being experienced by the economy as a whole”.
The value of its portfolio remained at £32.2m (2009: £32.7m) and its net asset value increased to £19.4m (£18.7m).
“Given the company’s long term risk averse strategy and the anti-cyclical nature of its business, it has been well insulated from the worst aspects of the current economic climate, having had no exposure to construction or the speculative market and having avoided acquisitions during the boom years,” it said.
