S Harrison in record profit earnings

Property and development company S Harrison has reported record profits of £12.4m after landing a number of projects in the hotel and student sector.

The York-based firm’s pre-tax profits were considerably up on 2017’s £4.7m, with turnover having swelled to £47m from £29.2m the previous year. At the end of the year net assets totalled £55.9m of which £16.81m was held in cash.

S Harrison currently has a number of developments in progress across Yorkshire. A new Lidl store in York is scheduled for completion this year, as is the landmark Grade A Buchan House in the heart of Edinburgh which Harrison is converting into a prestige 72 bed hotel for Malmaison.

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In Whitby, S Harrison is working with Thirteen Group company Tees Valley Housing to deliver 190 new homes for sale or rent. And in Leeds, S Harrison recently submitted a planning application for 322 private rented sector homes and commercial space at the city’s East Street gateway site.

Chairman Martyn Harrison says the company is excellently placed to build still further on its success, focusing on off market opportunities across Yorkshire and beyond.

“By any standards that is an excellent achievement,” he said.

“Despite a record profit performance in 2018, what pleases me more is the longer view. Because development is a business with peaks and troughs, a more important measure of success is the Group’s consistency of profit performance over time.

“Taking a rolling three year perspective to level out those peaks and troughs, the company continues to show sustained and impressive growth.”

In 2018 a significant proportion of S Harrison’s schemes focused on the hotel and student accommodation sectors with major schemes delivered for Leeds University, Hotel du Vin in Stratford and Travelodge in Lincoln.