A residential property giant, which was founded by one of the North West's most successful businessmen, has said it expects to return to profit as its latest developments are completed and sold.
Vita Group, which was established by chief executive Mark Stott, added that it is "well positioned" to grow revenues after occupancy in its student residences recovered following the height of the Covid-19 pandemic.
The update has been included in newly-filed documents for the group with Companies House which show its revenue dipped from £79m to £70.5m in the 12 months to December 31, 2020.
READ MORE: Mark Stott's property firm Vita Group agrees £165m deal with Mapletree Investments
The group, which is headquartered in Alderley Edge, Cheshire, also reported a pre-tax loss of £1.9m, down from a £10.8m loss in 2019.
Vita's operations now focus on the Vita Student and Vita Living brands following the sale in March 2020 of the companies representing the Select Property Group, City Suites and Union Living brands to a new related party holding companies outside of the group.
During the year, the group completed the construction of new Vita Student developments in Leeds and Nottingham as well as its first residential Affinity Living apartment scheme.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
Most Read
A statement signed off by the board said: "The results for the year have been affected by slightly shorter tenancies than normal resulting from the disruption to students' education arising from the Covic-19 pandemic, however, the business reacted quickly to ensure appropriate safeguards were in place to protect residents and provide a high quality experience.
"Bookings for the 2021/200 academic year and occupancy in our residences are strong and therefore the directors are confidence that the group is well positioned to grow revenues and profitability.
Latest Greater Manchester Business News
"The directors expect the group to make profits in the future as developments under construction and planned developments completed and are sold.
"Six additional Vita Student developments are scheduled for completion within the next two years, as well as three further Affinity Living developments.
"Further developments are in the pipeline for each of the group's brands."