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38% profit rise puts Adderstone Group on course for further growth
Posted by Jamie Hardesty on 11 Jan 2017
Newcastle-based Adderstone Group has revealed annual profits of £4.33m, following a successful project delivery year.
A 38% increase on the previous year’s £3.12m profit total, the property development and investment business has delivered a number of schemes across the North East.
The last 12 months have seen the company deliver a number of developments throughout the region including the 266 bed Stepney Yard student accommodation and the 42 bed Union Studios scheme.
With a consolidated turnover of £35m to the year ending March 2016, Group Finance Director John Armstrong expects to build on the success with further projects in the pipeline.
John explained: “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.
“In November 2016 alone, we secured planning for developments worth a gross development value of £70m.
“As a privately owned group from the North East we are proud that we have the resources and capabilities to continue to bring investment and job creation to our home region.“