A DEVELOPER has unveiled plans to embark upon the next phase of its evolution after the completion of a leisure complex provided a financial boost.

Urban & Civic says “additional opportunities are firmly in the pipeline” to deliver greater value for shareholders.

The firm revealed its bullish outlook yesterday after results showed the company had picked up greater rental and property profits.

Bosses say the improvement was helped in the main by its Darlington Feethams complex, which features a Vue cinema, a Premier Inn and various restaurants, including the Prezzo and Bella Italia chains.

According to its results, for the six months to March 31, rental and other property profits increased from £1.2m a year ago to £2m.

The company’s overall revenue was also up, from £29.5m to £31.9m, while the total value of its assets, which stretch across the country, climbed £15m to £424.5m in the halfyear.

Pre-tax profit, however, halved to £4.2m after a pause in commercial sales was compounded by a re-classification of holdings and issues in an operation focused upon delivering residential planning consents.

But Nigel Hugill, chief executive, said the company remains confident, revealing it will seek to use its industry standing across commercial developments and housebuilding schemes.

Highlighting Feethams’ importance in the business’ progress, he said: “Our results remain strong and (reflect) a progression that shows no sign of faltering.

“The increase in rental and other property profits is due to additional rent from the completed Feethams scheme and increased project management fees on our developments.

“Our core policy is to act as a master developer on large projects in areas of high population growth (and) shareholders can expect the business to concentrate on projects in which we enjoy genuine competitive advantage.

“Selection tends not to be quick but additional opportunities are firmly in the pipeline.”

The Feethams complex, on the site of a former bus station, was designed by Darlington-based Niven Architects.

That company worked on the refurbishment of the town’s Beaumont House and was previously commissioned to design a new headquarters for the Great North Air Ambulance at a base in Urlay Nook, near Yarm.