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Quintain returns to profit in first half of 2013/14

Quintain Estates & Development has posted pre-tax profits of £8m in the six months to 30 September 2013, after a £25.2m loss in the same period last year.

Last year the developer set out a strategy to reposition itself as a London development specialist by selling off its regional assets and to strengthen its financial base.

Quintain this month completed the sale of its 40 per cent interest in Greenwich Peninsula to its joint venture partner Knight Dragon for £230m, for a profit of £31m.

In October, it also disposed of its regional investment property business Sequel for £39m.

At 30 September Quintain’s net debt stood at £452.8m; however, it said the disposals had reduced net debt on a pro-forma basis to £175.3m.

Chief executive Maxwell James said the firm’s “corporate re-positioning” was complete and that it was “poised to embark on an exciting period of growth” as a company “focused on London with a solid financial base and capital to invest”.

Mr James said Quintain will now focus on increasing the pace of its delivery timetable at its Wembley Park development, where it has outline planning consent for 5,000 homes.

The developer completed its £100m London Designer Outlet at Wembley last month.

Quintain said it will also develop its student accommodation development business iQ, which has a 5,183-bedroom portfolio with its joint venture partner Wellcome Trust, and invest in expanding its London portfolio.

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