Land company’s property deals see profits soar to £7.8m
MANCHESTER-based land and property company HIMOR Group has reported soaring pre-tax profits of £7.8m for the year to June 30, 2015 from just £1m in the previous 12 months.
The privately-owned firm’s stellar performance was bolstered by the sale of two Manchester city centre office buildings – Ship Canal House on King Street for £26m and St James Court on Brown Street for £6.5m – plus a residential development site in Standish for £8m.
The Group’s net assets also rose from £38.4m to £63.3m following a restructure in June 2015, which involved a capital injection from the shareholders and the acquisition of the holding company for the former Shell site in Carrington.
Finance director Andrew Gee said: “Whilst this has been a very successful year for HIMOR, the company is well placed for an even more exciting future.
“We secured a new £20.5m rolling credit facility in August 2015 from the Royal Bank of Scotland and our current low gearing means much of this money can be used for new investment.”
Managing director Will Ainscough said: “Over the last three years we have been focusing on improving our land holdings and asset managing our investment properties.
“We are now actively promoting 2,117 acres of land through the planning system which has the potential to deliver up to 9,500 new houses and 8.5 million sq ft of commercial space. Our investment assets are well let and continue to yield regular income.
“We continue to look for new land and property opportunities and are particularly focused on the North West and West Midlands regions.
“Perhaps most importantly of all though is that we have an experienced and professional team that is more than capable of making sure the company fulfils its potential.”
