Emerson back in the black
THE Emerson Group, which includes Jones Homes and Orbit Developments, moved back into profit last year thanks to better trading conditions and a more favourable currency environment.
In 2008-09 the Alderley Edge-based group saw exchange rate losses wipe £24m from group earnings leaving it with a £6.1m pre-tax loss.
In the year to April currency fluctuations cost the business £1m. The business made a pre-tax profit of £24.7m on sales of £158.6m, up 21% according to newly-filed accounts.
In his report chairman Peter Jones said it was a “commendable” result in difficult times. The commercial investment market improved and the group’s commercial valuations rose, he added.
Rental income was down slightly from £78.5m to £78m while the group increased shareholders funds by £36m to £643m. Emerson, which has property interests in Portugal and the US, has £101m in the bank.
During the period the group saw footfall and sales rise 4% at its Lowry Outlet Mall in Salford Quays and the UK residential arm returned a profit of £9.9m against a £3.4m loss last time.
Mr Jones said: “We are in a good position to take advantage of our 50 years’ experience and expertise and our sustainable investment earnings which, together with the support of our qualified and loyal directors and staff, will enable us to maximise any opportunities that may present themselves.”
