11/10/2019 • Partnerships
The results are in: another outstanding year for us & our partners
2018 was another fantastic year for Mount Anvil. We continued to work collaboratively, raise the bar and do the right thing, bucking the trends of an uncertain market and delivering both the high-quality homes that London needs, and strong financial returns for our partners and our business.
Long-term, mutually valuable relationships with partners are at the heart of how we secure sites and create outstanding places where people can thrive. Our partners tell us that they repeatedly work with us because our character, competence and capacity give them trust in our ability to deliver.
In fact, all of our homes completed in 2018 were from developments delivered through joint ventures with repeat partners. The results speak for themselves, and a look at the top-line numbers gives a great insight into the scale of our activities and profit generation across last year:
- 7% increase in total group turnover to £241.8m
- Total profit of £32.1m, of which £23.1m profit was for our JV partners
- Net assets increased by £9.4m to £72m.
Over the last three years we have generated £149m profit for our partners, and we are on track to generate a further £126m over the next 3 years.
We sold more homes than any other year in our history, resulting in closing net cash of £22.7m (2017: £32.2m) – a particularly strong performance in a year that included £12.9m of investment in new schemes, and the group remaining debt-free throughout.
Those new schemes are major projects – Three Waters at Bow Creek in partnership with Peabody, The Silk District in Whitechapel with L&Q, and Keybridge Capital with A2Dominon and Lambeth, creating new homes and a new 360-pupil school for Vauxhall.
Killian Hurley, CEO at Mount Anvil, said: “Our financial performance this year is testament to our people and their owner-manager mindset, which has enabled us to secure viable planning permissions that embrace high levels of affordable housing, strong and continued focus on build costs, and a record number of forward sales.
“Our long-term approach is paying off, shown through our repeat partnerships and over 1,000 housing starts in 2019 – our highest on record.”
While we recognise the challenges of the current market, our future looks bright as our capacity, expertise and reputation continue to grow alongside our partners – who also take a long-term view. With new and repeat partners, we’ve increased our pipeline to 5,197 new homes and 16,300 sq. m of commercial space.
Demand for our homes also remains extremely high, and we’ve already secured 71% of our 2019-2021 sales targets through strong pre-sales on a number of our schemes.
Want more details on the last year? Download our FY 2018 Annual Report and Financial Statement here.