NB Real Estate has turned round 2007’s operating loss to report operating profits of £2.2m last year and a stronger start to 2009.
Although it did not reveal its pretax profits, the property services firm said the £2.7m operating loss it had suffered in 2007 had been mitigated by a £4.9m increase in operating profits last year.
Its turnover increased by 23% to £44.5m last year – up from £36.2m in 2007.
It said that turnover for the five months to 28 February was 5% ahead of where it was at the same time in 2008.
The company added that it had £1.5m of cash, down from £1.5m in 2007, after it repaid £1.5m of debt in the last year.
Mike Hatt, chief executive of NB Real Estate, said: ‘We have adopted a very cautious approach over the last year and as a result we are in a good position to meet the challenges of the year ahead.’