Bruntwood set for more growth as profits rise 5pc
COMMERCIAL property investor and developer Bruntwood has increased turnover and profit.
Annual accounts for the year to the end of September 2017 show pre-tax profits rose five per cent to £71.6 million, up from £69 million in 2015/16, while turnover climbed to £131.5 million from £118.4 million.
Net assets increased to £539 million, up from £473 million in 2016, while property valuations increased by £54.2 million to £1.107 billion.
Bruntwood owns more than 100 buildings across the UK including Cornwall Buildings, Mclaren, Centre City and the recently renovated Cornerblock in Birmingham city centre.
During the year, family-owned Bruntwood donated £4.8 million to local charities and community initiatives, an increase of £1.3 million on the 2016 total. Good causes spanning the environment, the arts, medical research, education and tackling social inequality were supported.
The group, which employs 650 people, invested £17 million over the period in office refurbishments and capital improvements and £93.2 million in development schemes.
It also secured new business wins and increased occupancy levels totalling 890,000 sq ft worth of deal.
Bruntwood Group chief executive Chris Oglesby said: “Our business is set against a backdrop of change and uncertainty in the wider world.
“We are witnessing unprecedented levels of disruption in many areas of life driven by rapid technological and digital developments.
“We continue to be restless, developing new models that continue to shape markets, meet the demands of the new growth sectors and the new patterns of living and working and are aligned to the strategies of our cities.
“Looking well-placed, forward, the group is with a strong balance sheet, a successful business model, an evolving product mix aligned to the needs of its customers, a portfolio which is both geographically strong and increasingly focused on the growth sectors of tomorrow.
“We have a good pipeline of acquisitions and partnerships across our four core city regions and see 2018 as another year of strong growth.”
He added: “I was pleased to see the Chancellor reinforcing the importance of the Midlands Engine in the Autumn Budget.
“The economic rationale that underpins the concept is undeniable.
“It is also pleasing to see the recognition of the value of further devolution, something we see as critical in rebalancing the country’s economy.
“We will continue to support these initiatives and play our unique role in making these great city regions greater.”