Chairman Robert Adair hailed a transformational half year for property group Terrace Hill today as its shift away from residential helped profits surge.
The Glasgow-based group posted a pre-tax profit of £10.2 million for the six months to end of March, which compares with £1.8m for the whole of the previous year.
The company sold 919 homes for £70.8m, including a £68m portfolio sale to Places for People, leaving it with few remaining residential assets.
It plans to concentrate on developing commercial property such as offices, shops, hotels and student accommodation.
Adair said: “The first half of the year has been transformational for Terrace Hill both in terms of significantly improving the group’s financial position and in the delivery of a very solid operational performance.”
During the period, the firm slashed its net debt by £36.8m to £10.4m.