Builder reports 16 years growth
Games village a highlight as Cruden profits rise
Housebuilder Cruden Group, which was involved in refitting the Commonwealth Games village (pictured), has reported a robust set of results with profit before tax up 48% to £7.1 million on a 5.5% rise in turnover to £142.2m.
Four hundred houses at the former Games village in Glasgow have been handed over to clients for rent, and of the 300 units for sale, only 40 remain available.
Among its other high profile projects during the year was the completion of 145 flats at Salamander Place, Edinburgh, the single largest National Housing Trust project in Scotland.
The company has now recorded a 16 year profitable trading history with 15% growth in net assets each year over that period.
Kevin Reid, group managing director, said: “With many new projects in the pipeline and a solid order book, combined with our cash positive position, we are well placed to continue to build on our successes through the remainder of this year and well into next.
“The Cruden Group continues to benefit from its balanced exposure to the construction and residential development sectors and whilst economic factors continue to create a degree of uncertainty within the market, the Group is extremely well placed to manage these risks.
“The foundation of our continued success is, and always has been, the excellent people we employ. Retention and recruitment of high quality staff remains one of the group’s top priorities and investment continues to be made in this crucial area.”
Mike Rowley, chairman, added: “The board is delighted with the progress made by the group through 2014/2015 with this latest positive contribution continuing a now sixteen year unbroken profitable trading history, which encompassed one of the deepest financial crises in living memory.
“We are confident that the group is extremely well positioned to take advantage of the many new and existing opportunities that are available to us.
“Importantly we have the diversity, experience and acknowledged reputation to continue to operate successfully in a steadily improving, yet still challenging market place, all of which is possible through the skill and dedication of an outstanding management team and expert workforce.”
Among the company’s highlights, it is involved in a number of new projects including a new care home at Pinkhill at Corstorphine in Edinburgh, student accommodation at Buccleuch Street in Edinburgh and Pinkie Primary School in East Lothian.
The Sailmaker development in Edinburgh (145 units), part of the National Housing Trust programme, won the 2015 Homes for Scotland Award for Best Partnership in Affordable Housing. Hart Builders are now on site delivering a further 96 flats for mid-market rent using the same financial model at Western Harbour in Edinburgh, with a further 138 units in the pipeline.
The Duke Street/High Street Project in Glasgow won Best City Regeneration Project at the 2015 Scottish Property Awards.
The BRE Innovation Park at Ravenscraig gained a Highly Commended Award for Innovation in May 2015 from the Saltire Society and has now been shortlisted for the Glasgow Business Awards for Innovation.