London property developer 'on track' with 2020 projects following £3m trading gain

U+I Group plc has revealed its interim results to September 30 2019.

The group has delivered £3.6m in trading gains during this half. U+I’s H1 2020 highlights include a plan to achieve £35-45m of gains for the year ending March 31 2020, through its ‘flexible’ project portfolio.

Some of its property planning submissions include Phase 1 of its £1.4bn scheme in Mayfield (Manchester), as well as planning consent expected for an Albert Enbankment development in H2.

The company’s investment portfolio capital value, however, is down to £5.8bn, a decline of 3.2 per cent on a like-for-like basis.

£24m of assets are said to be under offer, in line with U+I’s strategy to reduce its retail exposure and improve returns.

Matthew Weiner, U+I’s chief executive, said: “Demand for affordable, convenient and vibrant mixed-use places remains strong.

“Our proven track record and purpose-driven, sustainable approach to reinvent our towns and cities to become efficient and enjoyable places for everyone to benefit from is as relevant as ever.”

He continued: “In terms of market outlook we, like many other businesses, continue to experience challenges.

“Unsurprisingly, the political and economic uncertainties are delaying decision making, particularly within government and local authorities, with the general election the latest event to impact on market activity at a core time of the transactional year…

“Our focus is on delivering value for all from our substantial existing pipeline.

“We will continue to deliver our valuable public private partnership pipeline and trading activities, while operating more efficiently, both to maximise returns for shareholders and to benefit in the long term those communities in which we work.”