Canary Wharf Group's pre-tax profit leaps to £270m
09:08 23 Jun 2009
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Canary Wharf Group reported a pre-tax profit of £270m during 2008 despite a £1.5bn fall in the value of its assets – a property portfolio in London’s Docklands area.
Turnover in the 12 months to 31 December 2008 was £700m (figure in the previous year: £560m)
The group recorded a pre-tax profit of £100m in 2007.
Canary Wharf Contractors (CWC), a subsidiary of the group, is yet to reveal its 2008 figures.
In 2007, CWC contributed a pre-tax profit of £1.3m on turnover of £150m, while in the year prior to that there was a £650,000 profit on a £70m turnover.
The latest report from the parent company Canary Wharf notes: “We remain confident in the future of Canary Wharf and we are prepared for growth when market conditions allow.”
The net assets that were worth £3.2bn at the start of the period were marked 48% down at £1.6bn at the end of 2008.
In December 2008 an agreement was signed between the Department for transport, Transport for London and Canary Wharf Group to design and build the Crossrail station at Canary Wharf and to contribute £150m to its £500m costs.
By 2017, when complete, Crossrail will bring an additional 1.5m people within 60 minutes commute of London. With transport infrastructure in place Canary Wharf will thrive, says the group.
Construction employees in 2008 numbered 240, a rise from 200 in the previous year.
The highest paid director was paid £3.8m following a £3.7m figure in the previous year, though even these sums fall well short of construction’s top earner - Kevin Taylor, chief executive of McLaren, with a figure of £10m.