Major projects drive United House record profits

Aaron Morby 12 years ago
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United House Group has launched a major projects division after a year of record revenue and profit growth.

The developer and contractor’s new major projects division will concentrate on complex, mixed-use projects.

United is responding to an uplift in these schemes as local authorities advance more ambitious housing projects.

Pre-tax profits soared 76% to £15.3m on sales ahead 19% at £239m in the year-end December 2011.

Chief executive Jeffrey Adams said the business remained highly cash generative with operating cashflow in the year of £34m.

“We have been quick to adapt to the changing needs of our customers, such as our successful Public Private Partnerships with Lambeth and the City of London where we are delivering homes and community facilities at zero cost.”

He said: “We expect that market conditions will remain challenging but we will continue to build on our 2011 successes in 2012.

United House said it had a secure order pipeline of £400m and an opportunity pipeline of £3bn, providing a stable horizon for the future.

Revenue at the construction division rose to £157m from £143m last time.

The development team had a record-breaking year with the completion of several schemes, growing revenue by 58% to £98m.

Major new projects included creating a riverside destination at Paynes & Borthwick Wharves in West Greenwich, which will provide 200 new Thameside apartments, plus gallery, retail and commercial space.

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