Regional property group Bruntwood has announced increased profits and turnover for the year to the end of September 2017, as its focus on its customers continued to deliver.
The group, which owns more than 100 buildings across Manchester and Cheshire, Birmingham, Leeds and Liverpool, has seen pre-tax profits in the period rise 5% to £71.6m and turnover grow 11% to £131.5m.
Net assets increased 14% to £539m, up from £473m in 2016, while property valuations increased by £54.2m (+5%) to £1.107bn.
Reflecting Bruntwood Group’s ambition to make a difference to the communities it operates in, some £4.8m was donated to local charities and community initiatives, an increase of £1.3m on the 2016 total.
Bruntwood group chief executive Chris Oglesby said the financial results were “clear evidence of our customer -focussed business model creating value through development and asset management, which in turn has led to an increase in occupancy of our buildings.”
During the year the group, which employs 650 people, invested £17m in office refurbishments and capital improvements and £93.2m in development schemes, including at Alderley Park in Cheshire and Circle Square, its £750m joint venture with Select Property Group.
Bruntwood also completed the 70,000 sq ft Bright Building at Manchester Science Park for its subsidiary Manchester Science Partnerships. Launched alongside the Bright Building in September 2017 was Mi-IDEA (Manchester Inspired Innovation Digital Enterprise Alliance), a post-accelerator programme and co-innovation ecosystem delivered by MSP and Cisco, supporting SMEs working in digital health, the Internet of Things and Smart Cities.
Since the year end a deal has been struck with Cancer Research UK for them to relocate its Manchester Institute to Alderley Park after a huge fire last April at the Institute’s long-standing home, the Paterson Building in Manchester.
Mr Oglesby said: “Our business is set against a backdrop of change and uncertainty in the wider world. We are witnessing unprecedented levels of disruption in many areas of life driven by rapid technological and digital developments.
“While the property sector is traditionally slow to change, Bruntwood has always sought to disrupt the market through innovation of our customer proposition. We continue to be restless, developing new models that continue to shape markets, meet the demands of the new growth sectors and the new patterns of living and working and are aligned to the strategies of our cities.”
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