Rebalancing of books will help London residential developer support projects in the capital
Developer Quintain reduced its debt by 拢91m last year to enable it to undertake further construction work.
In its results for the year to 31 March 2013, announced to the City this morning, the firm reported it had net debt of 拢444m, down from 拢535m the year before.
This puts the firm on course to meet its target of reducing debt to 拢400m by March 2014.
In the results the firm said: 鈥淥ur initial target is to reduce net debt levels permanently to below 拢400 million by March 2014. In order to give us operational flexibility and the ability to fund the current development pipeline, we have also been actively re-phasing short term maturities in addition to extending debt out to March 2016.鈥�
Quintain reported pre-tax profit of 拢8.2m up from 拢5.8m over the period.
Max James, chief executive of Quintain, said the market remained 鈥渃hallenging鈥�.
But he added: 鈥淎t a time of strong demand for new homes at price points that cater for London鈥檚 young professionals, Quintain is well placed to maximise value from one of the largest consented residential land banks in London.鈥�
The firm has two major housing development project at Wembley and Greenwich Peninsula, which will form the focus of its development work this year.
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