Contractor and specialist developer sees revenue up 19% to £239m and profit up 76% to £15.3m
Contractor and specialist developer United House Group has reported robust results with revenue up 19% to £239m and profit rising 76% to £15.3m.
The firm’s latest results for the year to 31 December 2011 showed revenue up to £239m, from £201m in 2010, with pre-tax profit growing to £15.3m, up from £8.7m in 2010.
The group said operating cash flow in the year was £34m.
United House said it had a secure order pipeline of £400m and an opportunity pipeline of £3bn, providing “a stable horizon for the future”.
The group said its construction division saw revenue grow to £157m - up from £143m in previous year.
The development division saw revenue grow 58% to £98m, with major new projects secured including the Paynes & Borthwick Wharves scheme in West Greenwich, in a joint venture with LaSalle Investment Management, which will provide 200 new Thameside apartments, plus gallery, retail and commercial space.
Jeffrey Adams, United House Group chief executive, said: “We have been quick to adapt to the changing needs of our customers, such as our successful Public Private Partnerships with Lambeth and the City of London where we are delivering homes and community facilities at zero cost.
“The Group’s financial stability gives clients the confidence to know that they are working with a secure responsible partner, who is here for the long term. We expect that market conditions will remain challenging but we will continue to build on our 2011 successes in 2012.
“There is increasing focus on value, reliability and stability, values which are the cornerstone of United House’s culture.”
The results comes as the firm announced it had formed a joint venture with former St George director Tony Carey to purchase a prime residential site close to the Thames in Fulham, West London.
The 0.4 acre site, a former day care centre on Stevenage Road, Fulham, is owned by the London Borough of Hammersmith and Fulham.
United House Developments will act as developer in the JV with Tony Carey and will submit detailed plans for a residential scheme, with a mix of apartments and houses. United House Construction will undertake the construction, with development expected to get under way early in 2013, with completion in the summer of 2014.