Mount Anvil Reports 24% Profit Increase Driven by Joint Ventures

Mount Anvil's Financial Performance

Mount Anvil, a prominent housebuilder based in London, has reported a pre-tax profit of £10.4 million for the year ending March 2026. This marks a notable increase of 24% compared to the previous year, where the pro-rated profit was £8.5 million on a turnover of approximately £288 million. The company's total turnover for the latest financial year reached £346 million, reflecting a robust revenue growth of 20%.

Contribution from Joint Ventures

A significant factor in this financial success has been the performance of joint ventures, which generated £22 million in profit for the year, up from £13 million in the previous period. Overall, the gross partnership pre-tax profit for joint ventures surged to £32 million, representing a 37% increase. This growth is complemented by a substantial rise in gross partnership turnover, which climbed to £277 million, a 65% increase from the prior year.

Housing Completions and Future Goals

In the year reported, Mount Anvil successfully completed 662 homes, including 309 affordable units. Looking ahead, the company has ambitious plans for the 2026/27 period, aiming for 796 completions, with 214 designated as affordable homes. The development pipeline is robust, featuring 4,505 homes, including 1,507 affordable units, with an anticipated sales value of £2.6 billion.

Challenges and Strategic Adjustments

Despite the positive financial results, Mount Anvil has faced challenges in recent years. In 2020, the company experienced a dramatic drop in pre-tax profit, plummeting over 80% to £1.2 million from £6.2 million in 2019, largely due to a write-down of £4.3 million associated with the Kampus build-to-rent project in Manchester, which is valued at £250 million. Additionally, the company allocated £1.5 million for remedial costs linked to fire safety issues.

Cash Reserves and Work in Progress

As of the latest financial report, Mount Anvil's cash reserves have decreased to £27 million from £49 million, while work in progress has significantly increased to £67 million from £28 million. This shift indicates a strategic focus on expanding their development activities and addressing current projects.

Commitment to Quality and Community

Mount Anvil has established a strong reputation for quality, recently achieving the highest marks in the Considerate Constructors Scheme at their Whitechapel site, the first to attain this in over two decades. The company has also been recognised as the number one Gold employer in Mind’s 2020 Workplace Wellbeing Index Awards, underscoring its commitment to employee welfare and community engagement.

With ongoing projects like Chelsea Botanica and The Bellamy seeing nearly all homes sold within days of launch, Mount Anvil continues to demonstrate its capability in the competitive London housing market. Over 100 families have already moved into affordable homes at Friary Park in Ealing, further solidifying the company's commitment to enhancing housing availability in the capital.

As Mount Anvil looks to the future, its strategic focus on joint ventures and a strong housing pipeline positions it well for continued growth and success in the evolving construction landscape.