Urban Exposure, the troubled property financier in the process of bring wound down, returned to profit last year, posting a £200,000 pre-tax profit for 2019 compared with a £2m loss a year earlier.
The company saw revenue jump 185% to £11.1m. However, operating costs ballooned by 106% to £10.3m. Basic earnings per share were 0.09p.
The business also reported writedowns totalling £500,000. These included a cost of £400,000 to settle legal costs and £300,000 of fees stemming from its postponed retail bond. These costs were offset by the recovery of £200,000 legal and professional fees from the setting up of its joint venture with KKR.
