Warrington-based business has enjoyed a 9% rise in annual profits to £965,000 with total assets under management increasing 5% to £210m. Tony McDonough reports
A successful run of lettings at Sci-Tech Daresbury has helped commercial property firm Langtree achieve a 9% rise in annual profits to just under £1m.
The £965,000 figure for the 12 months to March 31, 2018, was up from £887,000 a year earlier, excluding one-off profit in the previous year as as activity across its many local authority joint ventures enters a “step-change”.
Net asset value increased 29% to £3.6m at the Warrington-based business with total assets under management increasing 5% to £210m. The company’s head count now stands at 37.
The growth follows a successful run of lettings at Sci-Tech Daresbury, the company’s joint venture with Halton Council and the Science and Technology Facilities Council. Based on this success, consent has now been secured for three new buildings totalling more than 50,000 sq ft and work will start on site in the second quarter of 2019.
Significant progress has also been made on the company’s Parkside Regeneration joint venture with St Helens Council, with a planning application submitted earlier this year for a first phase development of manufacturing and logistics space totalling almost 1m sq ft.
This is only our third year of trading, but the company has a very mature feel to it,” said chairman Tim Johnston. “Our primary focus remains on developing the joint venture assets we own with our local authority partners and this year has seen a step-change in activity across all fronts.
“We have an extremely robust pipeline going forward, are well-funded and have a very strong and focused team. We are very optimistic about the future.
“The new Parkside Link Road connecting the site directly to the M6 motorway has now secured £24m of funding from the Combined Authority, which is a major boost. Given this, we have already begun work on the phase two planning application, hopefully to be submitted in the second quarter of 2019.”