The company is back on site on a string of schemes and will spend £60m on construction work in the year to March 2011.

The building programme was confirmed in latest results which show Urban Splash reduced losses after tax to £10.3m for the year to March 31 2010 compared to £38.3m last time.

The company described the year as “another tough one” with sales dropping to £34.5m from £49.9m.

But Urban Splash secured finance late last year from the Homes and Communities Agency and its banks which means work is ongoing at sites in Sheffield, Bristol, Stalybridge and Manchester.

The company said: “We are very busy on site and expect to incur £60m of construction expenditure in the year to March 2011.”

Chairman Tom Bloxham said: “We as a business are not yet through all the difficulties, but I believe we can now see a clear way forward.

“I believe my team has done an amazing job navigating through the difficulties of this economic recession, the drop in property values and banking collapse.

“I am very proud of what we have achieved last year but there is still much to be done.

“We are now seeking new opportunities and our experience of urban regeneration, good design, marketing skills and public-private partnerships will help us source these.”