Mount Anvil

Mount Anvil has focused on design-led developments close to central London to deliver a dazzling set of annual results with a 90% increase in pre-tax profits of £7 million.  The latest results, covering the 12 months to 31 December 2010, show the group's profit before taxation has nearly doubled from £3.7 million in 2009, with turnover rising by 106% to £124.9 million.

 

Killian Hurley, Chief Executive, says:  "The results have been driven by Mount Anvil's absolute commitment to design and quality, leading to excellent sales at our developments in good locations in inner London Boroughs.  Our Barnsbury Place scheme in Islington,  a mix of new build and conversion of Edwardian school buildings, sold out in just over a year and was recognised as the best selling scheme in Islington in 2010, and 'this space' in Wandsworth was recognised as the best selling scheme south of the river in 2010." (Molior Quarterly Analysis:  Sales January 2011)

 

Killian Hurley continues:  "Our decision to complete developments before we start to sell so that our buyers can see what we deliver has paid off.  Our approach is always to opt for the very best specification, with  passion for excellent design underpinned by attention to detail.  The group has enjoyed an exceptionally strong performance.  We have more than 1,000 homes under development, including our recent purchase of two keys sites in the Wandsworth Town Centre regeneration scheme.  The gross margin form this pipeline of schemes is estimated to be £47m, providing a very stable platform for growth in the future."

 

"The group has secured new banking facilities of £100 million from high street lenders and joint venture partners, bucking the general trend in the industry.  Mount Anvil has also partnered with leading fund AREA Property Partners to secure an additional £25 million for site purchases.  We believe that our access to development finance, coupled with strong cash flow, will enable us to secure further land opportunities over the next 12 months in the inner London boroughs, while competition remains limited in the land buying market."