Property firm builds near £40 million turnover
By Andrew Merrell | 21st January 2019
Citing an uncertainly over Brexit hampering its market, one of Gloucestershire's biggest property businesses has nevertheless recorded a turnover of nearly £40 million.
Operating an estimated 1.5 million square foot of property across the South West, South Wales and the Midlands, the firm also revealed operating profits of nearly £11 million.
Accounts filed at Companies House by Robert Hitchins, which is headquartered at Boddington, north of Cheltenham and Gloucester, show turnover for the year to March 2018 rose from £23.7 million to £39.7 million.
Operating profit fell from £13.6 million to £10.9 million.
The firm said it had been well-placed to serve what it called a "noticeable increase in inquiries for space" in the commercial sector.
But it noted "uncertainty caused by the Brexit vote has made it more difficult to get deals to completion".
Its increase in revenues were helped by the disposal of what it called some of its "older commercial properties at low margin" as it sought to reduce the risk to its portfolio.
At the core of this was four significant land sales, including The Office Campus @ Barnwood Point, Gloucester, now BizSpace, the final units at Kingsway Local Centre (Gloucester) and a £2.45m sale of at Langstone Business Park, Newport.
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