Regeneration company Jomast has seen operating profits nearly double in a successful year navigating Covid challenges.
The Stockton-based firm, which is among the North East's largest property specialists, saw operating profit rocket from £6m to £11.3m in in the year to the end of March, 2022, new accounts show. Jomast's turnover increased from £10.6m to £13.9m in the same period.
Owner and managing director Stuart Monk said the 100-strong firm's prospects for its current financial year were "very good" considering the economic backdrop. He praised company performance through what he called a "period of crisis" relating to the pandemic.
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Jomast operates an extensive commercial and residential property portfolio, as well as running Wynyard Golf Club, which generated about £1.6m turnover during the year. It is involved in a number of landmark regeneration projects on Teesside and Tyneside, including the redevelopment of high rise buildings such as Gurney House in Middlesbrough and the former Scottish Life House building in central Jesmond, known as the Jesmond Three Sixty development.
Late last year, the developer revealed plans to convert a derelict former nurses' home in Newcastle into a series of luxury apartments. The Angel Heights project could turn 50,000 sqft of space on the 1.38-acre plot on Westgate Road into 57 one and two-bedroom private rented properties.
And at a similar time, Jomast secured planning permission for proposals to build 66 luxury homes, high-end leisure facilities and make improvements to Wynyard's golf course. The extensive plans include a new country club, with pool, spa, cafe and restaurant and tennis and padel courts, as well as three and four storey apartment and penthouse buildings, all with managed private gardens.
Both projects are just the latest in a long list of successful regeneration activities for Jomast, which has played a prominent role in the development of Middlesbrough, including the renewed Bedford and Baker Streets in the town and the Albert North area, which features residential and office space, as well as leisure facilities.
Writing in a report accompanying the accounts, Mr Monk said: "During the year, in common with many other businesses across the United Kingdom, the company had to steer it's way through the restrictions imposed by the UK Government in relation to the coronavirus pandemic. The company took all necessary steps to increase hygiene measures and enforce social distancing to enable the employees to carry out their duties in a safe environment.
"The group has managed to maintain a good level of performance and profitability through the period of crisis."
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