黑洞社区

Social housing contractor and developer United House increased its turnover by 13% to 拢182m in 2009 as it took advantage of the relative buoyancy of the London market.

Pre-tax profit rose by 78% from 拢8.5m to 拢15.1m in the year to 31 December, a result that Jeff Adams, chief executive, put down to the completion and sale of two sites last year and a relatively weak 2008.

Projects completed by the Kent-based firm last year included the Wenlock 黑洞社区 in Islington, north London, and phase one of the Queensbridge Quarter in Dalston, east London. Two more are scheduled for completion in 2010.

Adams said the company鈥檚 three-pronged approach as contractor, developer and PFI investor had proved a resilient model. 鈥淎n excellent example of our versatility is the 拢29m Clapham One regeneration scheme to build a library, primary care medical centre and 136 homes. We are involved as co-developer with the Cathedral Group, and as contractor and investor in the scheme.鈥�

Its contracting arm, which carries out Decent Homes work, was a contractor alongside Denne on the 拢72m Kent Care PFI programme. It has an order book of more than 拢300m and a pipeline of potential projects worth about 拢2bn.

Its development business has a gross development value of 拢250m and the company pointed to a revival in the demand for high-end properties that has been boosted by the presence of Asian investors in the capital.

United House sold an estimated 30% stake in the firm to the private equity arm of Lloyds bank in April for about 拢50m. The deal was designed to allow the exit of founder Geoffrey Granter, who sold his 65-70% stake of the business that he set up in 1964.

The company ended the year with net debt of 拢24m (2009: 拢41m). Adams added: 鈥淲e believe United House is excellently positioned to withstand the expected tightening of public spending purse strings. This performance gives us confidence that our versatility enables us to reinvest back in the business.鈥�