Developer reports second consecutive big loss but says it has restarted on number of stalled sites
Urban Splash has reported a 拢10.3m loss but has said it has seen a recovery in its markets.
It is back on site on a number of schemes and has pencilled in 拢60m for construction work during the year to March 2011.
The 拢10.3m pre-tax loss up to March 31 2010 is a dramatic recovery on its 拢38.3m loss the previous year, though the firm said 鈥渢his last year has been another tough one鈥�. Its turnover dropped from 拢49.9m to 拢34.5m, which it put down to difficulties in the mortgage market, according to the Manchester Evening News.
Chairman Tom Bloxham said: 鈥淲e as a business are not yet through all the difficulties, but I believe we can now see a clear way forward.
鈥淚 believe my team has done an amazing job navigating through the difficulties of this economic recession, the drop in property values and banking collapse. I am very proud of what we have achieved last year but there is still much to be done.鈥�
The firm is currently onsite in Sheffield, Bristol, Stalybridge and Manchester and Bloxham said it was seeking further opportunities.
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