Northacre posts return to profit

 
Kasmira Jefford
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NORTHACRE, the property developer behind luxury addresses including the Phillimores in Kensington, said yesterday it had returned to profit thanks to a “more lively” housing market.

The company said it made a pre-tax profit of £13m for the six months to 31 August, compared with a loss of £6,000 in the same period last year after The Lancasters, one of its luxury developments near Bayswater, received new long-term investment.

Revenue, however, fell to £0.9m from £1.5m a year earlier, which the group blamed on reduced activity across its interior design business Intarya.