A property group has hailed its latest financial year as “very successful” and is “very satisfied” to see an increase in profits, cash and net assets.
Worcestershire-headquartered Barberry Group, which has completed major projects across the Midlands – including No1 Colmore Square in Birmingham – has reported pre-tax profits of £2.1m for the 12 months to 30 June 2019, up from £1.8m.
The Belbroughton-based company’s turnover reduced from £41.5m to £14.8m after spiking in the prior year when it completed its 725-bed student accommodation development at Bishop Gate in Coventry.
In the year to 30 June 2018, its turnover rose from £18.8m.
Group director Henry Bellfield said: “Throughout the 12 month accounting period (for the year ending June 30 2019), we continued to focus on the delivery of the significant development and land pipeline under Barberry Group control/ownership with a focus on key growth sectors, namely residential and industrial, or ‘beds and sheds’.
“During the year we acquired a number of additional sites and properties and remain selectively acquisitive.
“There is no doubt that 2019 proved to be a turbulent year with uncertainty around Brexit culminating in a general election in December.
“However, strong industrial occupational and investor demand continued against a tightening supply, and we experienced good demand from volume housebuilders for consented residential land.
“Despite the decrease in turnover, we enjoyed another very successful year. Our 2018 accounts showed a spike in turnover largely due to the successful delivery of our 725-bed student accommodation development at Bishop Gate in Coventry.
“We therefore anticipated a reduction in turnover and are very satisfied to see an increase in profits, cash and net assets.
“We are going to see turnover rise and fall in future years – that is the nature of property development.
“There are peaks and troughs during any development cycle as projects begin and complete.
“We will remain positive and continue delivering quality stock for sectors and locations with demand supply imbalances.
“Already in 2020, we have completed several major deals and projects, which will see turnover bounce back significantly and improve profitability.”
Among Barberry’s other projects are One Colmore Row, Birmingham, Bishop gate, Coventry, Cite View, Nottingham and Markham Retail Park in Chesterfield.