Construction firm Vermont, which is building a 31-storey residential tower on Liverpool waterfront, reports 62% rise in pre-tax profits to £1.3m despite lower revenues. Tony McDonough reports
Liverpool construction firm Vermont says it has a “fantastic pipeline” of work amid a big rise in profits.
Founded by Mark Connor and with a strong track record of delivery in Liverpool and Manchester, Vermont has filed its accounts for the 12 months to March 31, 2024. They show revenues down from £44.5m to £41m but pre-tax profits up 62% to £1.3m. Dividend totalled £102,651.
In January 2024 Vermont broke ground on a £50m residential tower at Princes Dock in Liverpool Waters. Originally called Patagonia Place, the development had seen a number of delays. Comprising 278 apartments, it had stalled on two previous occasions after Your Housing Group (YHG) pulled out.
YHG sold the project to X1 Developments and in September 2023 LBN reported Canadian investor Starlight Investments had secured a £45m loan from Maslow Capital to complete the build.
Starlight, which has a North American property portfolio worth more than £20bn, retained X1 as development manager. Vermont had been attached to the scheme for several years and was given the green light by X1 to start building.
Designed by Falconer Chester Hall and due for completion in late 2025, the tower will include a commercial ground floor unit, residential lounge, games area, fitness centre, dance and yoga studio and coworking spaces.
Vermont has also started work on Embassy Village in Manchester. This is described as the largest purpose-built village for rough sleepers in the UK. Headed by Peel Waters and Capital&Centric, it will provide accommodation for up to 40 homeless men.
Funding was secured for the first 24 homes following a £3.5m donation from the Moulding Foundation. Vermont, which employs more than 60 people, signed up to construct the village for no profit.
In July Mark Connor said: “Homelessness is a massive challenge and a responsibility for us all to help in solving. Vermont has committed to ensuring Embassy Village can be delivered and the accommodation available in 2025 for those people that need it most.”
Writing in the annual report, Vermont director Michael Huston said of the latest accounts: “The group is in a strong position with a fantastic pipeline of opportunity enhanced this year by improved gross margin and operating profit.
“Cash at bank and in hand has remained strong at £5.2m (2023: £7.1m). The group continues to pay close attention to operating working capital management and maintaining a principle of ensuring prompt supplier payment.”