NB Real Estate upbeat in first 2009 results

Julia Cahill 07/04/2009 13:42

NB Real Estate Group said today that it has had a stronger to start to its current financial year than in 2008.

The agent said that its unaudited turnover for the five months to the end of February was up 5% on the same period last year.

The comment was made as NB released audited figures. As previously reported the firm moved back to profit, after making a loss in 2007.  Operating profit for the year to 30 September 2008 was £2.2m, up from an operating loss of £2.7m in 2007.

Turnover increased to £44.5m, a 23% increase on the previous year’s £36.2m.

At 30 September 2008, the Group’s cash at bank and in hand amounted to £1.2m (30 September 2007: £1.5m), after repaying net debt of approximately £1.5m.

Chief executive Michael Hatt said: “We have adopted a very cautious approach over the last year and as a result we are in a good position to meet the challenges of the year ahead.”

julia.cahill@rbi.co.uk