Ballymore’s turnover nearly halved in 2019 while profits rocketed from £22.3m to £80.3m, according to the company’s results.
The hike in profit before tax includes the reversal a £2.2m impairment in relation to stock in 2018.
While the Irish developer’s profit jumped, turnover has halved compared to the same comparable time period in 2018.
Turnover for 2019 stood at £55.5m, compared with £100.4m the previous year.
NAV is in excess of £500m and the group will continue to “invest heavily in planning activities for its substantial land portfolio in the UK and Ireland”, according to the developer.
However, the company said while the housing market in London – where most of the group’s assets are located – is stable, “worldwide economic conditions, including Brexit, could impact further on the markets in which the group operates”.
But it said it remains “positive on the long-term outlook” for the capital despite Brexit.
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