The results came as Manorlane announced plans to create assisted living communities for the over-60s under its new Active Living brand.
Final results posted by Manorlane for 2006/2007 show turnover increased by 265 per cent to £13.67m from £5.14m in the previous year. Pre-tax profit for the year was £3.13m, up 291 per cent compared to £1.075m in the year ended 30 April 2006.
The year under review saw the company expand its land bank from 564 plots to 608 plots with a GDV of £124m, although in the last few months alone Manorlane has gone on to further strengthen its contracted land bank to 1,600 units with three major land deals at Greenlaw, in Newton Mearns, and the former Clydesdale steel works, in Bellshill, that are set to deliver the company £220m over the next five years.
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Elliot Robertson, Chief Executive, said: "We have enjoyed an extremely successful second year and the financial outlook for the company remains robust with turnover and profits on track to more than double in the current financial year.
"Our homes continue to be in high demand, offering buyers an aspirational, luxury product in a price bracket which remains affordable in the middle market. We will maintain our high standards in build quality, style and sustainability, with innovation key to our agenda for growth."
Manorlane’s latest venture, Active Living was created in response to the growing demand for independent, safe accommodation for the over 60s. The new company will build and sell retirement property, providing residents with a stepping stone between their own home and full residential care.
Residents buying a home within an Active Living complex will benefit from the added reassurance of 24-hour on call care, should they require it. The apartment complexes will offer a choice of one, two and three-bedroom flats and will incorporate communal living and dining areas.
To date, two sites have been selected by Manorlane for possible development – Clydesdale and Blackridge. The Active Living complexes will form part of larger developments of family homes and community facilities in order to create integrated communities.
(CD)
