International property giant Emerson Group reports turnover jump


An international property group which owns leisure, residential and commercial developments in the UK, the Algarve in Portugal and Orlando, Florida, grew its turnover past the £300m mark during its latest financial year.

Emerson Group, which is headquartered in Alderley Edge, Cheshire, has posted a group turnover of £315.7m for the 12 months to 30 April 2020, up from £293.8m.

However, its pre-tax profits dipped from £101.3m to £61.7m over the same period.

The group was founded in 1959 by chairman Peter Jones and includes a UK residential division under the Jones Homes brand, a UK commercial division under the Orbit brand and an international arm which has operations in Portugal and the US.

Among the assets it owns are Middlebrook Retail and Leisure Park, which is sited around Bolton Wanderer’s stadium, Boavista Golf & Spa in the Algarve and Last Drop Village Hotel and Spa in Bromley Cross.

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In a statement signed off by the board, Mr Jones said: “The last six weeks of trading corresponded to lockdown in the United Kingdom.

“We were expecting an excellent trading performance prior to the onset of the pandemic – in the circumstances we managed a creditable result, with positive contributions from each of the major areas of the business.

“In common with previous years, these profits have been retained within the business so that we end the year with a stronger balance sheet and increased net assets.

“Having adopted a strategy of geographical diversification many years ago the group is now well placed with a spread of investment properties and commercial businesses in the UK, Portugal and the USA.

“Whilst we do not know what the future might bring, we know that the group’s experience and financial resources will enable it to withstand the challenges that arise.

“We will continue to plan for growth, cautiously invest in future income steams and retain sufficient liquidity to be able to respond appropriately to changing circumstances.”

During the financial year, Jones Homes sold 476 properties at an average selling price of £290,000, compared to 446 completions at £307,000 in the prior period.

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