PROFITS for 2019 are expected to top £4 million for a York-based property and development company.

S Harrison which recently handed over the new Lidl store in James Street, York, expects to build on its record year in 2018, putting it in a strong position for 2020.

The company anticipates a 2019 pre-tax profit of more than £4 million on a turnover of £19 million. Managing director Ann Scott said the company was in an excellent position for future growth.

With a balance sheet approaching £60 million and cash reserves at the end of the year topping £18 million, Ann said the business was strongly placed to capitalise on the anticipated economic regeneration in the North and Scotland following the general election.

Before the year end, Harrison delivered a £25 million scheme to provide a landmark boutique hotel for Malmaison/Hotel du Vin in Edinburgh and handed over York’s new Lidl store.

Harrison transformed the 2.36 acre James Street site into a 21,054 sq ft Lidl, which backs onto Foss Island Retail Park. Both schemes have contributed to the company’s excellent profit performance in 2019.

Ann said: “Additionally, building on a decade of sustainable growth, we have strengthened our own investment property holdings, especially in the student accommodation sector, providing strong secure income to underpin the profit generated from development schemes. This balanced portfolio positions us strongly for future growth.”

Harrison’s pipeline of new work for 2020 includes a 394-bedroom student accommodation scheme near the Murrayfield Stadium in Edinburgh.

The company also has planning permission for a 157-bedroom hotel near Haymarket in Edinburgh and will start work in 2020 on a 212 bedroom hotel for Meininger at Great Ancoats Street in Manchester, the company’s first project in city.

Ann added: “All of these schemes represent regeneration projects, breathing new life into derelict or underutilised sites and helping local communities to thrive.

“Given the government’s own commitment to investing in the northern economy we expect more such schemes to come on stream in the next 18 months.

“Plans to expand our development team are already in place and we continue to look for further development opportunities across the North, the Midlands and Scotland.”