Developer builds on previous success
York St John Central � student accommodation for York St John University, adjacent to the Hungate site, which S Harrison developed. (6283192)
YORK developer S Harrison is approaching a decade of growth as its latest results reveal a £1.8 million rise in pre-tax profits.
The business, which was behind City of York Council's £32 million West Offices development, has announced revenues of £28.6 million for the year ending December 31, 2013, up from £7.2 million in 2012.
During the period pre-tax profits rose from £1.6 million in 2012 to £3.4 million, and at the year end, shareholder funds totalled £26.19 million of which £14.9 million was held in cash.
S Harrison chairman Martyn Harrison, described the results as an "impressive achievement" given the "tough market conditions", but said the business maintains a "sensibly grounded perspective".
He said: "I am delighted to report that, on the back of another successful year, we are exceptionally well placed to deliver.
"We have a track record spanning over sixty years and through challenging times, we have strengthened our already excellent reputation for making things happen.
“While our five year projection remains optimistic, we expect 2014, which reflects deals done in the recessionary times of the past two years, to be a period of consolidation, establishing a sound platform for further growth in 2015 and beyond.
“The growing upturn in the UK economy provides exciting opportunities, but those opportunities also carry risks.
“We are rigorous in selecting the developments we opt to progress and in choosing the partners with whom we work. It is on this basis that we will maintain our strong position, safeguarding our hard-won reputation for delivering what we promise."
Key projects for S Harrison during 2013 included delivering the new 258 student accommodation for York St John University in Hungate.
Also in York, the team partnered with student accommodation provider Student Castle on plans for 650 student units on the site of The Press offices in Walmgate, and well as developing a neighbouring building as new offices for Newsquest’s editorial, sales and admin teams.
Speaking about the company's forward pipeline of work, managing director Ann Scott said: "This year we plan to bring forward a new scheme to deliver affordable homes and a new 80 bed care home in Whitby.
“In Stratford, we are in advanced negotiations to develop a town centre site while in York we expect to bring forward two further schemes, one within the city walls and one near the hospital, for retail and residential use.
“We are actively pursuing further opportunities in York, in conjunction with City of York Council and others, and have identified a number of potential residential and leisure opportunities in Scotland’s central belt."