Our repeat joint-venture partners include leading housing associations A2Dominion, Clarion Housing Group and One Housing Group, who reinvest their share in creating additional affordable homes, and Ares Management, who are now on their 15th deal with us.
Turnover increased to a record £252.1 million. The value of forward sales at 31st December 2015 was £498 million; 91% was exchanged.
Throughout the year we have delivered 460 new homes in 2015 (2014: 355) – of which more than one in four were tenure-blind affordable homes. The mixed-use nature of our schemes is reflected in the delivery of 135,000 sq ft of commercial space including Tech City’s largest start-up hub at The Eagle (EC1), delivered in partnership with The Brew, and the Lightbulb small business hub at The Filaments (SW18), provided for Workspace Group PLC.
Killian Hurley, Chief Executive, Mount Anvil, said: “Our 2015 results clearly demonstrate how long term partnerships can create thriving mixed communities and record profits. Flowing from our values of Work Collaboratively, Raise the Bar and Do the Right Thing, over the next four years we are on-track to generate an additional £180 million of profit for our partners – which could fund the construction of approximately 1,000 new affordable homes for London.”
At the year-end, we had a pipeline of 1,100 new homes and 108,000 sq ft of commercial space worth £1.09 billion (2014: £1.36 billion). Reflective of our view of an inflated land market, we limited the number of acquisitions made during the year to focus on large complex regeneration sites in London which have the potential to offer greater value over the longer-term.
In line with our market view, we reinvested the cash generated during the year to pay down debt of £42.9 million and ended 2015 with net cash of £1.3 million. We also committed to investing up to £6 million in a ground-breaking employee share scheme that saw 93% of the team become business owners.
Killian Hurley commented: “Engaged, positive, proactive people deliver superior customer experience and excellent financial results. This has enabled our business to prosper over the last 25 years. That is why we launched our long-term incentive plan and made it available to all our team; making us a truly owner-managed business.”
On 12th April 2016, supported by the Housing and Planning Minister, Brandon Lewis, and in partnership with the CITB, we launched the Mount Anvil Skills Academy – a commitment to help 100 young Londoners into jobs through apprenticeships, jobs and work placements, and provide a further 500 individual learning opportunities to help encourage the next generation into the industry. We are the only London residential developer to be awarded National Skills Academy for Construction status by the CITB. This follows our partnership with the Evening Standard campaign, the Estate We’re In, to help local community organisations breathe new life into London’s challenged housing estates.
Killian Hurley said: “We believe that London’s long-term success, in part relies on its diversity – of people, businesses, homes and work spaces. Through the Mount Anvil Skills Academy, our work with the Estate We’re In and our more formal joint ventures, we are working in partnership to create a positive legacy for London.”
• Generated record profit of £25 million for Mount Anvil Group and a further £41 million for our joint-venture partners
• Record turnover of £252.1 million (2014: £216.2 million)
• Net cash of £1.3 million (2014: net debt of £42.9 million)
• Pre-tax return on shareholders’ funds of 40.7% (2014: 44.9%)
• Average selling price of £867,000 (2014: £649,000)
• Value of pipeline of £1.09 billion (2014: £1.36 billion)
• The UK’s Number 1 company for health and safety - across all sectors, second year running, British Safety Council
• Tenth consecutive year - Sunday Times 100 Best Small Companies to Work For.
• Developer of the Year (up to 1,000 homes) - third consecutive year, at the RESI Awards.
• Best London Home award at the 2015 Evening Standard New Homes Awards, for the Penthouse Collection at The Filaments (SW18)
• 2015 Gold Award for customer satisfaction - 97% customer recommendation score, In-House Surveys
• 2015 Globe of Honour - for approach to sustainability and the environment, British Safety Council
• In joint-venture with Hyde Housing, selected by Transport For London (TfL) as one of the partners for its Property Partnership Framework
For further information, please contact Matt Drage, Head of Communications.