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Record Breaking Financial Results Announced

Record breaking financial results announced

Turnover was £108.2 million, up from £90.5 million in 2011. Profit before taxation was £10.1 million, an increase from £2.0 million the year prior. £120 million of new bank facilities were also secured during 2012, as well as £44.5 million of joint venture and mezzanine funding.

A total of 480 private homes were delivered in 2012, an increase from 165 in the previous year. This included units from The Loxfords, the 143-unit redevelopment of the former Action for Children headquarters in Highbury (N5), as well as the remaining units within the award-winning Central Square scheme and those at the Seward Street development, both in Clerkenwell.

At the close of 2012, the number of private homes under development rose to 996, making Mount Anvil one of the top five residential property developers in London. This includes the acquisition of several major schemes including Eagle House, a 27-storey tower adjacent to the Silicon Roundabout with 206 new private homes. Taken together, this pipeline reflects an embedded gross margin of £123 million.

Other major schemes currently in development by Mount Anvil include The Filaments in Wandsworth (launching 2nd May 2013), with 340 private homes at the heart of the area’s Town Centre regeneration; Lexicon, a 36-storey tower at 261 City Road with 200 private flats; and The Orchard on Pear Tree Street in Clerkenwell, a boutique development with 28 private homes (launching 23rd May 2013).

Killian Hurley, executive chairman of Mount Anvil, commented: “2012 was another outstanding year for Mount Anvil, reaching new heights in terms of both profitability and our development pipeline. This gives us clear profit visibility over the next three to four years, and provides an excellent platform for continuing on the path of controlled profitable growth. We are seeing increased opportunity for the business within our focus area of Central London, with the number and quality of land buying opportunities under consideration at an unprecedented level.

Working in partnership has been a hallmark of our success to date and we continue to enjoy the support of AREA Property Partners (nine deals since 2010), along with the principal high street banks who appreciate Mount Anvil’s consistent track record of delivery. In conjunction with KPMG we are also exploring new strategic funding partnership arrangements in order to support further growth in 2014 and beyond.”