Profits grow but income drops at Northern Trust
LANCASHIRE property tycoon Trevor Hemmings’ Northern Trust Group saw its income drop by £1.8m to £48.1m in the year to March 31, although pre-tax profits increased to £16m (2009: £14.2m), according to newly-filed accounts.
The company, which owns around 8m sq ft of industrial, trade and office parks, saw its net asset value drop by by £9.6m to £122.2m. The value of its investment properties largely held steady at £383.5m and its net debt decreased to £277.5m (£284.3m). Average staff numbers also fell to 205 from 231 a year earlier.
Recent developments include the North Staffordshire Business Park and Genesis Centre serviced office centre – both in Stoke-on-Trent – and the £1.3m refurbishment of its Warwick House office building at Old Trafford in Manchester.
No dividend was paid out by the firm this year, in contrast to the £60m which was taken out by Hemmings and his family last year.
Hemmings was said to have been one of severely impacted by the property recession not only through investments in property but also through shares held in high street banks. Hemmings’ personal fortune was said to have declined from £1bn to just £300m last year, but the Sunday Times’ 2010 Rich List upgraded this to £500m.
A directors report accompanying the accounts said: “The company has considerable financial resources and an investment property portfolio with a wide range of tenants across different geographic areas and industries.
It added that the group had “a sound financial base and sufficient resources to meet the business’s requirements.”
