The developer behind well-known Birmingham landmarks the Rotunda and Fort Dunlop has broken through the £100 million turnover barrier and return to the black.
The news is a welcome turn for the better for Urban Splash which has been racked with losses and debt totalling more than £200 million in recent years.
Announcing its result for the 18 months to September 30, 2013, the Manchester-headquartered company posted a revenue increase of £33.6 million to £132.6 million - its highest ever - and a profit of £50,000.
This is a significant improvement on its previous period which saw the company post a loss of £15.4 million while annualised investment income has increased by £800,000 to £14.7 million.
It said its balance sheet position had worsened, largely as a result of a £16.3 million downward revaluation of the group's commercial properties which reflected that regional values remained depressed in the period.
During the period it also established two new joint ventures with Places for People, to which it sold 654 apartments for £77 million last summer, and The Pears Group which enabled it to refinance a further £135 million.
This deal in April 2014 allowed Urban Splash to restructure its banking arrangements and agree financing on all of its remaining debt and the Urban Splash 'Braun' portfolio which includes Fort Dunlop.
Chairman Tom Bloxham said: "The last 18 months have been one of the most important in our recent history, one which has hopefully put Urban Splash on a sound platform for future growth as well as finding a solution to the problems associated with the large debt burden which has beset us since the onset of the financial crisis in late 2008."
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