The business arm of the Duke of Northumberland has seen profits hold relatively steady even as it saw a steep drop in revenues in a fluctuating property market.
The Northumberland Estates has published accounts for the year ending March 31 which show that turnover almost halved from £43.8m a year earlier to £23.3m. But operating profit was less affected, coming in at £10.1m compared to the figure of £11.5m in the previous 12-month period.
The Estates said that the drop in income was due to “the completion of the residential development sites acquired a number of years ago.” It said rental income grew by 12.9% to £15.4m and that it had acquired various UK properties for rental income and to redevelop during the year. It had also completed the development of a site in Switzerland.
