Mount Anvil, Central London’s specialist residential property developer, today announced a record profit of £15.4 million for 2013 (2012: £10.1m).
Turnover in the period increased 50 per cent to £162.2 million (2012: 108.2m) and the value of its development pipeline at the end of the year grew to £930 million (2012: £665m), accounting for 1,333 new London homes.
Killian Hurley, Chief Executive, Mount Anvil, said: “Mount Anvil’s engaged team and unwavering focus on creating design-led developments in great Central London locations has driven this fantastic result, and continues our unbroken record of profitability. It is proof yet again that positive people drive great customer experience and excellent financial results.
“However, supply of developable land remains a key issue. We’re keen to build more outstanding London homes, but additional quality sites need to be made available to developers like us who have the expertise and capacity to deliver.”
Following the recently agreed £200 million partnership with Ares Management, Mount Anvil is planning to deliver 2,500 new London homes by 2018.
In May, Mount Anvil was recognised for the second consecutive year as Developer of the Year (less than 1,000 units) at the 2014 Property Week RESI Awards, following record results and the delivery of high quality homes at The Filaments (SW18) and The Orchard (EC1), as well as the launch of The Eagle in Tech City.
- Profit of £15.4 million (2012: £10.1m)
- Turnover of £162.2 million, a 50 per cent increase on the previous year (2012: £108.2m)
- Adjusted Gross Margin of 28.8% (2012: 24.1%)
- Cash balance at end of year of £32.6 million (2012: £12.8m)
- Return on shareholders’ funds of 48.4% (2012: 47.7%)
- Average selling price of £535,000 (2012: £525,000)
- 97 per cent of 2014 sales secured
To read our results in full, please see our Finance section.