LONDON, October 22, 2014 /PRNewswire/ --
Development Securities, the property group, announced interim
pre-tax profits of £18m - more than double the £8m achieved in the
same period a year earlier.
In a video interview with MerchantCantos, Michael Marx, Chief Executive, said the results
were underpinned by "good performance in all the three main parts
of our business, the development part, the trading portfolio and
the investment portfolio, all contributing strongly, which is for
the first time in the cycle that we've seen that contribution and
something that we expect to continue."
He said the performance vindicated the company's strategy of
minimising risk and diversification, most recently demonstrated
with the acquisition of Cathedral Group.
"Cathedral take us into another slightly different area of
expertise, public-private partnerships, which is a working
relationship with local authorities, whereby we assist local
authorities in bringing social and housing benefits such as
libraries, theatres, as well as affordable housing, to their towns
and to their cities, and giving us the opportunity to make a
development gain," he said.
The interview and transcript are available now on
http://video.merchantcantos.com.
MerchantCantos produces in-depth interviews, documentaries and
webcasts with senior company executives. If you would like to
contact us, please email prnsupport@merchantcantos.com or phone
+44(0)207-936-1352.
SOURCE Development Securities