Igloo trebles profit and pledges growth through ‘new investors’

Igloo has more than trebled its pre-tax profit as it pledges further growth following its purchase by housing association giant Places for People’s fund manager earlier this year.

The regeneration specialist, in its accounts for the year to 31 December 2022, reported pre-tax profit of £224,404, up from £65,341 the previous year.

The profit was boosted by the group’s cost of sales falling £1.37m and comes despite an 11% drop in turnover to £5.4m.

The publication of the accounts follows the development management firm’s acquisition by PfP Capital in January.

Igloo said in its accounts: “The deal will allow Igloo Regeneration to grow, thanks to the introduction of new investors and schemes.”

Igloo is paid fees for its development management and investment management activities.

In the past year Igloo has worked on the 1,000-home Riverside Sunderland project, has progressed five construction sites in Nottingham and regeneration sites in Newcastle, including the completed Steenbergs Yard scheme (pictured).

Igloo also last week confirmed Louise Donaldson as its new finance director. Donaldson has previously worked for Countryside and Wain Homes.

These follows three other senior hires announced by the firm in June.