Ballymore profits more than double in 2015

Ballymore profits more than doubled to £67.1m in the year to the end of March 2015 as the company benefitted from the sale of its Millharbour, E14, joint venture to Galliard. The £50m windfall lifted profits despite a 42% drop in turnover to £148m during the year. The company exchanged on the sale of 884 homes in the 12 months to the end of March with a total value of £407m and these sales are expected to complete by the end of 2016. The average sale price of the homes was £460,000. At the end of March 2015, the company had £629m due to its creditors by April 2016 with another £345m due later. Ireland’s National Asset Management Agency remains the company’s largest creditor, however much of its debt has now been repaid through the sale of stakes in several major London schemes. Mike.Cobb@estatesgazette.com