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Record Profits for Salmon Developments

19th April 2017

Salmon Developments announces record profit of £6.3m in 2016

Salmon Developments announced a record profit of £6.3m in 2016 on a total income of £10m. In the same period a year earlier, the company had made £4.2m in profits on a total income of £11m.

Salmon Harvester secured Worcester’s biggest let in seven years at Cathedral Square earlier this year.

During the course of the year, the group progressed several high profile projects, particularly its 80,000 sq ft warehouse development in Sutton, Surrey which was let to Parcelforce.

Salmon Harvester Properties, the 50/50 joint venture between Salmon Developments and NFU Mutual, declared gross pre-tax profits for 2016 of £3.8m on sales and fees of £8.1m.

In the same period in 2015, the gross pre-tax profit was £5m on sales and fees of £23.7m.
The company ended the year with a pre-letting of its Phase 2 110,000 sq ft Glass Wharf office scheme in Bristol to HMRC.

The group’s asset management division achieved year end fund level returns of 14.9% from its £200m Salmon Harvester Opportunity Fund, comfortably outperforming IPD by approximately 11%, and placing it in the top 5% of real estate funds monitored by MSCI.

Doug Stewart, chief executive at Salmon Harvester, said: “Our astute development and asset management strategy has borne dividends in spite of general economic uncertainty and strong headwinds in the property sector.