Development Securities, the property group, announced interim pre-tax profits of £18m.
This is more than double the £8m achieved in the same period a year earlier.
In a video interview with MerchantCantos, Michael Marx, Chief Executive, said the results were underpinned by “good performance in all the three main parts of our business, the development part, the trading portfolio and the investment portfolio, all contributing strongly, which is for the first time in the cycle that we’ve seen that contribution and something that we expect to continue.”
He said the performance vindicated the company’s strategy of minimising risk and diversification, most recently demonstrated with the acquisition of Cathedral Group.
“Cathedral take us into another slightly different area of expertise, public-private partnerships, which is a working relationship with local authorities, whereby we assist local authorities in bringing social and housing benefits such as libraries, theatres, as well as affordable housing, to their towns and to their cities, and giving us the opportunity to make a development gain,” he said.
LONDON, October 22, 2014