Pre-tax profits were up 90% to £7m and turnover was up 106% to £124.9m.
The group’s construction arm, Mount Anvil Ltd, reported turnover of £53.5m and the profit before taxation was £2.3m.
Chief executive Killian Hurley said: “Our decision to complete developments before we start to sell so that our buyers can see what we deliver has paid off, both in Barnsbury Place and also at ‘this space’ in Wandsworth. Our approach is always to opt for the very best specification, with a passion for excellent design underpinned by attention to detail. The group has enjoyed an exceptionally strong performance. We have more than 1,000 homes under development, including our purchase of two key sites last month in the Wandsworth Town Centre regeneration scheme. The gross margin from this pipeline of schemes is estimated to be £47m, providing a very stable platform for growth in the future.”
Mount Anvil has secured new banking facilities of £100m from high street lenders and joint venture partners, and has also partnered with Area Property Partners to secure an additional £25m for site purchases.
“We believe that our access to development finance, coupled with strong cash flow, will enable us to secure further land opportunities over the next 12 months in the inner London boroughs, while competition remains limited in the land buying market,” Mr Hurley said.
In October 2010, Mount Anvil, working with Family Mosaic, achieved planning consent on a 143-home scheme in the Highbury Park area of London.
On 25 March 2011, the group exchanged contracts to purchase two adjoining sites in the Wandsworth town centre regeneration area, with a total of 340 private and 76 affordable homes over the next four years. One of the contracts includes Mount Anvil delivering 8,000 sq m of commercial space to London officer provider Workspace. Workspace obtained planning consent for the £80m scheme which forms a significant part of the Wandsworth Town Centre regeneration proposals and will comprise 80,000 sq ft of commercial office space and 209 new apartments. Centre piece of the development will be a 16-storey apartment block.
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