The property developer which has constructed tower blocks at MediaCity and Liverpool's waterfront has been "significantly impacted" by the Covid-19 pandemic, with its turnover being slashed by £30m and its profits halving.
Vermont Property Group, which is headquartered in Liverpool, has reported a turnover of £32.7m for the 12 months to March 31, 2021, down from the £62.4m it achieved during the prior year.
The group's pre-tax profits also declined from £2.2m to £1.1m over the same period.
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The group's projects include Plaza 1821, Aura and The Courtyard in Liverpool as well as 1,100 apartments at MediaCity and The Campus building for Salford University.
It also completed more than 300 apartments at Liverpool One.
A statement signed off by the board said: "The group has been significantly impacted by the Covid-19 pandemic that has been prevalent in the United Kingdom throughout the financial year.
"The directors deem the results as satisfactory.
"The group is in a strong position with a fantastic pipeline of opportunity.
"Cash at bank and in hand has decreased to £6.3m (2020: £13m) with strong operating cash flows a testament to strong working capital management within the business whilst maintaining a principle of ensuring prompt supplier payment."
