Northacre to report drop in annual revenue

14th Apr 2014 11:07

UK property development group Northacre expects to report a fall in annual revenue, reflecting the weak performance of its Intarya interior design business. The company predicts revenues will drop to £3m in the year ended February 28th 2014, from £3.5m a year earlier. The firm also expects administrative expenses will decrease to £5.3m from £8.9m, mainly as a result of the reduction in the bonuses paid in respect of the Lancasters development in the last financial year. Northacre said the financial year was "one of transformation", with the company undergoing a change in majority ownership to Spadille and the appointment of Niccolo Barattieri di San Pietro as Chief Executive, and the appointment of ADCM Ltd as consultant to the firm."The effects of these appointments began to show in new projects that the company and its subsidiaries have recently been appointed to, namely 1 Palace Street and 33 Thurloe Square, and in the pipeline of opportunities that the company is currently evaluating," the group said. The developments on 1 Palace Street and 33 Thurloe Square are anticipated to make "substantial contributions" to revenues over the coming several years with development fees expected to exceed £11m, Northacre added. RD