Adderstone Group’s Stepney Yard

Adderstone Group’s Stepney Yard

11 Jan

2017

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Adderstone Group’s Stepney Yard

Environment

38% profit rise puts Adderstone Group on course for further growth

Posted by 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.“

Read more in these areas:

#North East #infrastructure #investment #property
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