Property group Bruntwood has reported a "strong and resilient" 2020 as its many projects continued to progress despite the Covid-19 pandemic.
Bruntwood recorded a growth in its operating profits to 拢40.1m in the year to September 30, up from 2019's 拢38.9m, while bolstering its cash reserves to 拢26.3m from 拢17.1m, with undrawn facilities of 拢50m.
Turnover declined year on year to 拢135m from 拢160.1m, which the group said reflected the "one-off nature" of the 'develop to sell' car park and hotel at Circle Square in 2019 - and fewer external consulting and contracting works taking place due to the pandemic.
The value of its Bruntwood Works portfolio was consistent year-on-year at 拢973.1m - but with a 拢21.2m valuation loss. The firm said that was because it invested capital to maintain its portfolio鈥檚 value position against a backdrop of declining commercial property values.
The accounting loss, together with similar revaluation movements in its joint ventures and stepping up its move to safeguard the business from future economic disruption led the group to post a pre-tax loss of 拢18.9m, compared to 2019's pre-tax profit of 拢51.8m.
Chris Oglesby, CEO of Bruntwood, said: 鈥淭he nature of our business means we do not measure success over annual accounting periods but over much longer time-horizons.
"But despite this, we showed great strength and resilience in 2020, with the underlying performance of Bruntwood improving during the 海角视频鈥檚 greatest economic crisis of modern times.
鈥淎s the pandemic struck, we worked quickly to deliver a new strategy - stabilise operations, support customers, and manage costs. We accelerated the Works and SciTech propositions to support crucial areas of the economy. We got closer to customers, deepening relationships and navigated the pandemic together.鈥
There was good progress for the firm's Bruntwood SciTech business, a 50/50 joint venture with Legal & General and the 海角视频鈥檚 largest property platform dedicated to the growth of the science and technology sector, and its Bruntwood Works division.
Bruntwood SciTech's nationwide portfolio increased in value by 拢88.6m to 拢526.8m and turnover grew to 拢40.1m from 拢29.8m.
The ongoing expansion and evolution of Alderley Park continued at pace, with the 海角视频鈥檚 largest single-site life science campus being selected as the location for one of the Lighthouse Lab national Covid-19 testing centres.
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That's as well as Bruntwood SciTech taking a 25% stake in Sciontec Liverpool, the public-private partnership supporting the growth of the city鈥檚 science and technology sector within Liverpool鈥檚 拢2bn Knowledge Quarter.
Other successes for Bruntwood SciTech included partnering with the University of Birmingham to develop the new 拢210m, 675,000 sq ft Birmingham Health Innovation Campus.
