Adderstone Group, has declared annual profits of £4.33m, on the back of consolidated turnover of £35m to year end March 2016.
The results highlight continued growth for the Group, with annual gains increased by 38 per cent, from £3.12m profit in the previous year.
Adderstone Group continues to re-invest profits generated into Group activities and has acquired a number of significant assets for investment and re-development purposes during the period.
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.
Group Finance Director, John Armstrong, said: “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 refocussing 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.”
Adderstone Group’s development team continue to work with city planners in relation to their Christon Park and North Shore proposals. Christon Park is an ambitious brownfield housing development on the site of the former Greggs bakery in Gosforth and North Shore is a 16 storey landmark apartment development on Newcastle Quayside.
Outside the region, Adderstone Group is about to submit a planning application for a residential tower in Salford and has embarked on a luxury housing scheme in Bermondsey, London, which will be delivered before summer this year.