PROPERTY developer Terrace Hill today reported flat revenues but the company is back in profit after plunging into the red last year.

The group, which has substantial interests in the North East where it is working on a number of supermarket developments, reported sales of £66.9m in the year to the end of September, compared to £67.7m in 2011.

But it recorded a pre-tax profit of £1.8m, compared to a loss of £10.2m a year ago.

Chief executive Philip Leech said: “2012 has been a very active year for Terrace Hill during which we have progressed numerous foodstore developments, as well as new opportunities in the student accommodation, leisure and central London office sectors.

“This activity has translated into a good financial performance and we are confident of maintaining this positive momentum going forward.”