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Directors at Northumberland Estates have hailed a resilient performance in the face of challenging conditions, with profits jumping to more than £10m.
The Alnwick company, which represents the business interests of the Duke of Northumberland, is focused on commercial and residential property investment and development, making its money through rental income in Europe, the UK and the US, and property development in the UK. Now accounts for the year show how work on several retail parks across the region and growing rental income has helped to boost turnover and profits.
The financials for the year ended March 2024 showed revenues increased from £18.1m to £18.4m as it maximised rental income, while post-tax profit amounted to £10.5m, an almost fivefold leap from £2.33m. A dividend of £5m was also paid
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