Finance
Mount Anvil Group Ltd
Report and Financial Statements for the year ended 31 December 2009
Mount Anvil has achieved an impressive year despite the economic downturn, with a 32% increase in pre-tax proifts of £3.7 million. The company's latest results, covering the 12 months to 31 December 2009, show the group's profit before taxation at £3,691,000 up from £2,795,000 in 2008 and a year-end cash balance of £14 million, up £0.8 million on 2008.
The impact in 2009 of the financial crisis and subsequent recession was restricted through exceptional financial management to minimise costs and a pro-active approach to risk management, enabling Mount Anvil to remain active in the land buying market.
Killian Hurley, Chief Executive, says: "The group has performed exceptionally well through one of the most severe corrections in the housing market in modern times. We moved quickly to keep costs down and were able to continue to buy sites."
Mount Anvil's development arm has had a strong performance, with the remaining 33 apartments at the Angel Wharf scheme in Islington sold at minimal discount inside the first six months. The 'this space' scheme in Wandsworth Road SW8 sold to individual purchasers more than half the 173 units in seven months since launch in September 2009, with Tesco as a higih-profile anchor tenant in the commercial element of the scheme.
In September 2009, the purchase of Central Street, London EC1 was completed in a joint venture with RSL One Housing Group. We also exchanged on another site in the Highbury Park area of Islington. On the contracting side, the business handed over 194 new homes during 2009. The schemes have been delivered with complete customer satisfaction, driven by our ethos of listening to our clients and using high quality and innovative design solutions.
Killian Hurley says "At the start of 2010, we have nearly 1,000 new homes under construction/development which will result in a landmark year and a signfiicant scaling up of the business. This will provide the platform for further controlled profitable growth through the acquisition of new sites in the inner London boroughs and forging additional partnerships with RSLs, funders and land agents."
Mount Anvil Report and Financial Statements for the year ended 31 December 2009
Mount Anvil Group Ltd
Report and Financial Statements for the year ended 31 December 2008
"During the year the housing market experienced a well publicised and very significant downward correction. The level of mortgage funding for individuals hit very low levels at the end of the year and the availability of funding for land purchase was severely constrained. In light of this economic situation, we are therefore pleased to report a solid performance for the year with profit before taxation and exceptional items of £4.1m on turnover of £61.7m.
The legacy of being prudently managed has resulted in this strong performance and equally ensures a certain and profitable future for the business. With the policy of seeking early pre-sales on the private development schemes, maintaining a strong contracting base and robust cash management the group has successfully handed over 504 homes and delivered a year end cash balance of £13.2m."
Extract from Report of the directors for the year ended 31 December 2008
Report and Financial Statements for the year ended 31 December 2008
Sunday Times PricewaterhouseCoopers Profit Track 100
Mount Anvil was delighted to win third place in the 2009 Sunday Times Pricewaterhouse Coopers Profit Track 100 listing announced on Sunday 19 April 2009. This award measures Britain’s private firms with the fastest growing profits. Mount Anvil showed a 116.99% annual profit growth from year ending 31 December 2004 to 31 December 2007.
The Sunday Times article about Mount Anvil can be downloaded here.