Bruntwood SciTech expects busy 2022 after profit jumps

Science park operator Bruntwood SciTech has swung back to profit, helped by the growth of the UK’s science and tech sector. The Bruntwood and Legal & General joint venture generated a pre-tax profit of £17.1m in the year to the end of September 2021, turning around a £7.6m pandemic-driven loss a year earlier. Revenue rose by 30% year-on-year to £51.8m. The company cited growth at its existing sites, the addition of new locations and several leasing transactions. The value of Bruntwood SciTech’s portfolio increased by almost a quarter to £669.5m from £545.7m, with its ongoing development programme committing £80.8m to new schemes. Acquisitions have also contributed to this growth, including the purchase of Melbourn Science Park in Cambridge for £46.2m. Total net asset value grew to £235.3m from £231m. The company is now starting work on ID Manchester and continues to explore acquisition and partnership opportunities in new UK regions. Kate Lawlor, chief executive of Bruntwood SciTech, said: “This year was a tipping point for the business in many ways. The momentum behind our expansion saw us take Bruntwood SciTech into new strategic locations, secure our largest ever development opportunity and saw several new transformational projects take some big steps forward. “There is significant institutional investor interest in the specialist science and technology property markets in the UK right now. But we’ve got a strong track record in the sector and we’re confident that our experience, expertise and connections will continue to accelerate our growth.”   To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve Image courtesy of Bruntwood SciTech