COLCHESTER Council’s commercial firm is on course to deliver £394,000 in profit during its second year of operations, an increase of more than a third.

By the end of the financial year, Colchester Commercial Holdings Limited (CCHL) is set to have brought in £4.45 million in income, up from £4.2 million the previous year.

This means it will secure profits of £394,000, up from £286,000 in 2018/19.

The cash will be paid to the council as a dividend with the money being reinvested back into services.

The figures have been published in the firm’s draft annual report, which will go before the council’s governance and audit committee for review on Tuesday.

By the end of March, 227,850 people will have attended Colchester Events Company events, up eight per cent from 211,000 the previous year.

There were 653 events held at Charter Hall, Castle Park, Colchester Town Hall and other parks - up from 517.

A report states: “Three large music events were held in Castle Park in summer 2019, attracting over 28,000 visitors.

“This summer also saw CATL establishing the Nearly Festival at Old Heath, creating a legacy community event.

“Overall, more than 75 events are planned at Charter Hall, a 30 per cent increase on the previous year with a comedy programme boasting ten nationally recognised comedians performing to sell-out audiences.”

CCHL’s other achievements include work on the Northern Gateway Heat Network, work to deliver 400 new homes including 30 per cent of which are affordable, securing funding for the Northern Gateway Sports Park and work to refurbish Jacks in the town centre.

Next financial year, the council expects the firm to bring in £4.74 million in income, with a dividend of £529,000.

Colchester Commercial Holdings Limited is made up of three subsidiary companies - Colchester Amphora Homes, Colchester Amphora Trading and Colchester Amphora Energy.