FreshStart predicts £4m profit

SALFORD property group FreshStart expects to make a pre-tax profit of £4m this year.

The company, which is aiming for a stock market flotation, said turnover should hit £9.7m for the year to July 31.

During the period it said it acquired seven new development sites with a combined gross development value of over £60m.

Chief executive Charlie Cunningham said: “In its first full year of trading FreshStart Living has delivered fantastic financial results against a bleak economic backdrop. This is a testament to the team at FreshStart Living and the business model of converting unused buildings in central locations into attractive, affordable property.

“Whilst the property development sector has been suffering its most difficult period in recent history, we have gone strength to strength. We start the new financial year with contracted revenue of over £16m for projects that are underway and a development pipeline that will support continued growth over the coming years.” 

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