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Retirement developer turns corner

Privately owned developer Churchill Retirement has made a return to profitability, with pre-tax earnings of £9.55 million last financial year.

The accounts show a significant turnaround for the Hampshire-based group, which posted a £139,000 loss for the 18 months to 31 May 2006, on turnover of around £47 million.

That compares with a higher turnover – almost £48 million – for the year to last May.

Churchill, which specialises in developing apartments for retired people, also bolstered employee numbers to an average of 197 over the year.

On averages, the group sold 18 units a month over the year, each for about £216,000, compared with 14 a month for almost £207,000 in the previous reporting period.

The firms highest-paid director, who is not named, received £493,312.