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Adderstone Group Sees Profits Rise 38%

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Newcastle-based property firm Adderstone Group has reported an increase in profits of 38% year-on-year, driven by a number of delivered assets.

The firm reported profits of £4.33m, on the back of consolidated turnover of £35m for the year ending March 2016.

Adderstone said it continues to re-invest profits generated into group activities and has purchased a number of significant assets for investment and re-development purposes during the period.

Over the past 12 months the company has delivered a number of projects in the region including the 266 bed Stepney Yard student accommodation and the 42 bed Union Studios development.

John Armstrong, Group Finance Director, said: "The impressive results for the year have been achieved despite the uncertainties surrounding Brexit. We are already forecasting further growth in 2017/18, demonstrating that the strategy of refocusing on our core development and investment specialisms is working."

Mr Armstrong also noted that in November 2016 alone, the company secured planning for developments worth a gross value of £70m.

Adderstone Group's development team continues to work with city planners in regards to their proposed Christon Park and North Shore developments. Christon Park is a brownfield housing development situated on the site of the former Greggs bakery in Gosforth and North Shore is a 16 storey landmark apartment development on Newcastle Quayside.

Outside of the region, Adderstone Group is about to submit a planning application for a residential tower in Salford and has embarked on a luxury housing scheme in Bermondsey, London, which will be delivered before the summer.