Tuesday, September 21, 2021
Real EstateUK

International property group reports turnover jump

Cheshire property

Emerson Group has posted a group turnover of £315.7m, up from £293.8m during the previous year

An international property group which owns leisure, residential and commercial developments in the UK, Portugal and the US, grew its turnover past the £300m mark during its latest financial year.

Headquartered in Cheshire, Emerson Group, has posted a group turnover of £315.7m for the 12 months to 30 April 2020, up from £293.8m.

However, its pre-tax profits fell from £101.3m to £61.7m over the same period.

Founded in 1959 by chairman Peter Jones, the group and includes a UK residential division under the Jones Homes brand, a UK commercial division under the Orbit brand and an international arm which operates in Portugal and the US.

Its assets include Middlebrook Retail and Leisure Park, which is located around Bolton Wanderer’s stadium, Boavista Golf & Spa in the Algarve and Last Drop Village Hotel and Spa in Bromley Cross.

Mr Jones said in a statement: The last six weeks of trading corresponded to lockdown in the United Kingdom.

We were expecting an excellent trading performance prior to the onset of the pandemic – in the circumstances we managed a creditable result, with positive contributions from each of the major areas of the business, Mr Jones said. In common with previous years, these profits have been retained within the business so that we end the year with a stronger balance sheet and increased net assets.

Having adopted a strategy of geographical diversification many years ago the group is now well placed with a spread of investment properties and commercial businesses in the UK, Portugal and the USA, he said.

Whilst we do not know what the future might bring, we know that the group’s experience and financial resources will enable it to withstand the challenges that arise. We will continue to plan for growth, cautiously invest in future income streams and retain sufficient liquidity to be able to respond appropriately to changing circumstances, Mr Jones said.

Jones Homes sold 476 properties at an average selling price of £290,000 during the financial year, compared to 446 completions at £307,000 in the prior period.

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