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Mount Anvil profits soar

London-focused property developer Mount Anvil has reported a 90 per cent increase in pre-tax profits.

The firm posted results covering the 12 months to 31 December, with pre-tax profit doubling from £3.7m in 2009 to £7.0m at the end of 2010.

Turnover was up 106 per cent to £124.9m.

Killian Hurley, chief executive of Mount Anvil, said the results had been driven by the firm’s “absolute commitment to design and quality”.

He said: “Our decision to complete developments before we start to sell, so that our buyers can see what we deliver, has paid off.”

The company has more than 1,000 homes under development - including two key sites purchased last month in the Wandsworth Town Centre regeneration scheme -and has secured new banking facilities of £100m from high street lenders and joint venture partners.

The report said: “We believe that our access to development finance, coupled with strong cash flow, will enable us to secure further land opportunities over the next 12 months in the inner London boroughs, while competition remains limited in the land buying market.”

Turnover at Mount Anvil Ltd, the group’s construction arm, was £53.5m and profit before tax was £2.3m.

Group net debt stood at £23.7m.

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