Odeon plan developer Langtree sees 46pc profits rise

LANGTREE Group, the developer behind the axed project to demolish the Bradford Odeon, yesterday revealed that it had posted a 46 per cent rise in full year profits, despite the tough market conditions.

Bill Ainscough, the Langtree Group’s chairman, said market conditions remained favourable for acquisitions, and the company “would continue to be active in the market”.

The company reported pre-tax profits of £12.9m for the year to June 2012, while the net asset value of the company also increased by 3.2 per cent to £76.4m.

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Turnover fell from £54.7m to £40.3m. During the year, the Langtree Group completed a number of high profile projects, including the restoration of the Festival Gardens in Liverpool.

Last year, Langtree Group’s New Victoria Place scheme, which would have been on the site of 
the Bradford Odeon, was scrapped by the building’s owner, the Homes and Communities Agency (HCA) after the developer asked for an extension of the deadline by which it was required to knock down the former cinema and award a contract for the new building.

In September last year, Langtree Group’s chief executive John Downes told the Yorkshire Post that market conditions would not permit the multi-use development to be delivered without any interest being generated first.

The Odeon has been derelict for more than 10 years, and a large number of local campaigners would like the building to be saved and restored.

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Yesterday, Mr Downes described the full year results as “encouraging”.

He said: “It is a fair performance in a challenging economic climate but conditions will remain tough. Overall, we are in good shape but we will remain focused and work our hardest to get the best results from our existing assets and continue to invest wisely to grow the business.

“We are always looking for the next opportunity to drive the business forward still further.”

Mr Ainscough added: “A sound financial base has allowed us to actively look for new investment opportunities and in the year we have invested approaching £10m in acquiring further property assets to add to the group property and development portfolio.”

The Langtree Group’s portfolio includes industrial sites in Rotherham, Pontefract and Castleford.

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