Bruntwood to develop in Brum
Profits have nudged up at commercial property company Bruntwood following a "solid" performance in new lettings and customer retention across its portfolio. Chief executive Chris Oglesby said the company was keen to develop in Birmingham.
Bruntwood will use some of the money from the sale of a building in Manchester to help fund the purchase of the 200,000 sq ft City Centre office block in Birmingham, it has been reported.
The company, which manages more than 100 buildings across Birmingham, Manchester, Liverpool, and Leeds, said profit before tax edged up 1 per cent to £11.2m in the year to 30 September 2011.
Total value of the company's fixed assets was up 2 per cent to £966m and its net worth increased by 2.5 per cent to £318m. Turnover fell slightly from £100.2m to £99m.
Bruntwood chief executive Chris Oglesby said: "The economic climate continues to be tough and we have had to work hard, as a team, to deliver these results. We are continuing to focus on our customers in the current marketplace to ensure they have the services, flexibility and competitively priced accommodation that they need."
He added: "Through the recent economic turbulence, our main focus has been on driving value in our existing portfolio. Looking forward we are keen to grow in the science and technology sector in Manchester as well as to continue to develop our business in Leeds, Birmingham and Liverpool."
