QUINTAIN, said it put itself “back on track” last year by paying down debt and clinching a pivotal deal with a Hong Kong investor at its Greenwich Peninsula scheme, as it posted a positive set of results.
The FTSE 250 firm, which has been battling since the financial crisis to shake-off its debt pile, said it has cut its net debt by £91m to £444m in the year to 31 March.
The group also reiterated its aim of reducing its net debt to less than £400m by March 2014.
Max James, who took over as chief executive last year, has put a new strategy in place, putting Quintain’s regional assets up for sale and making its London schemes – Greenwich and Wembley– its central focus.
He said 2013 would be “a year of action” with its 370,000 square feet London Designer Outlet centre in Wembley set to open and work on the first 500 homes at the Peninsula Riverside in Greenwich scheme also underway.
Quintain’s adjusted pre-tax profit rose from £5.8m to £8.2m.
But its net asset value per share fell 3.6 per cent to 105p, due to the weak performance of its Quercus healthcare portfolio.