Developer is back to black

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Council-owned development company EDI has returned to profitability.

The company posted a pre-tax profit of £1.4 million in the year to the end of 2010 – just a year after it slumped to a £6.2m loss.

The profit was recorded following a major review of the company, which saw the city council take direct control and initiate a major downsizing programme.

Executive director Eric Adair said: “The continued withdrawal of the banks from the property markets meant progress on realising values was slow. However, we have continued to invest in confirming the development capacity of our land at Brunstane. Also, Parc Craigmillar had a very successful year in residential sales, boosted by significant government and council support for shared equity arrangements.”