Property developer Urban Splash this week said pre-tax profit at the company had risen from 拢4.7m to 拢5m on a like-for-like basis in the 12 months to 31 March.

In its last results, Urban Splash reported a 拢6.3m pre-tax profit for the previous 16 months before changing the accounting year.

The value of the company鈥檚 net assets rose 36% to 拢41.2m after a revaluation of the portfolio.

Chief executive Tom Bloxham described the market as 鈥渃ompetitive鈥� but said he was happy with the company鈥檚 progress.

鈥淚 am particularly pleased to see our expansion nationwide,鈥� he said.