New lettings boost Bruntwood profits
Profits have nudged up at Manchester commercial property company Bruntwood following a "solid" performance in new lettings and customer retention across its portfolio.
The company, which this week confirmed the £42m sale of 1 New York Street in Manchester, 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."
