North East property company Adderstone Group almost doubled profits to £8.3m in a year which saw it focus on prime investments.
The Newcastle based business, which is made up of more than 50 subsidiaries, has published accounts showing how it boosted its asset base by £40m in the year ended March 31 2022, while also reporting a post-tax profit of £8.3m, up from £4.2m. Consolidated turnover for the group was £22.3m, while the overall investment portfolio’s value rose 35% to £155m.
The group acquired 11 investment assets during the year, including a new prestigious Mayfair home for its London-based colleagues at 7 Stratton Street. The firm has since obtained positive pre-application support from Westminster Planning Authority to redevelop the property. Meanwhile, the firm said the team in the London office continues to build its development and management portfolio.
