Regeneration company Urban Splash is to limit the number of construction projects it takes on because of the "unprecedented levels of uncertainty and the prospect of a lasting economic downturn".
The Manchester-headquartered business, which also has properties in Sheffield, Birmingham, Cambridge, Bristol and Bradford, said it is "taking a cautious approach to new development activity".
It added that its directors still "firmly believe in building the group for strong future growth".
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The update was included in newly-filed documents with Companies House for its financial year to September 2021.
The results had been overdue to be filed and came after Urban Splash revealed its financial results for that period earlier this month.
The company has not yet released its results for the 12 months to the end of September 2022.
A statement signed off by the board said: "As a property developer, the group is exposed to factors affecting the wider economy such as interest rates, inflation, consumer confidence, economic growth, uncertain political climate and levels of employment.
"Adverse impacts on any of these factors can reduce demand for the group's new properties.
"The cyclical nature of the market is recognised by the directors.
"Forward investment decisions and commitments are closely monitored and financial risks aimed to be mitigated by maintaining headroom against all covenants and holding sufficient cash reserves.
"The climate of uncertainty over the lasting effects of Covid-19, the war in Ukraine and the UK cost of living crisis have been taken into consideration by the directors when considering the strategy of the group.
"Consequently, whilst the directors firmly believe in building the group for strong future growth, a reduced risk appetite has been adopted given these unprecedented levels of uncertainty and the prospect of a lasting economic downturn.
"As a consequence the group is limiting its exposure to on site construction activity, taking a cautious approach to new development activity."
The newly-filed documents come after the company's joint venture with Sekisui House UK - a subsidiary of the Japan-based Sekisui - and Homes England, collapsed into administration in May with the loss of 160 jobs.
BusinessLive reported in June that the joint venture owed creditors more than £8.3m and had an estimated total deficiency of £4.4m.
In the following month, Urban Splash announced a £43.5m refinancing deal with the global asset management business of Aviva plc.
A part of the arrangement, the investor committed to funding an 800,000 sq ft workspace portfolio primarily focused on Liverpool and Manchester.
Urban Splash also recently announced that the value of the Urban Splash Residential Fund more than tripled during its latest financial year as its profits spiked.
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