Confidence in future
Cruden turns in 17th year of profit growth
The group specialises in affordable housing and builds about 1,200 properties a year.
Group pre-tax profit in the year to the end of March rose to £7.5 million against £7.1m in 2015 on an increase in turnover to £15.2m from £142.1m.
The company’s net assets stand at £38.8m, against £35.6m in 2015. It has access to a £9m bank facility.
Construction turnover grew 8% from £129m in 2015 to £136m. Key activity remains the construction and refurbishment of residential housing for clients in the public sector.
The number of homes sold by the group also increased from 80 in 2015 to 139 of which 34 were sold through joint ventures compared to seven in 2015. The average selling price (including joint ventures) was £259,000, against £181,000 last year.
Among a number of projects during the year Cruden has now completed the retrofit works on the Commonwealth Games Athletes’ Village, on budget and on time.
Kevin Reid, group managing director, said: “Despite recent economic challenges, our order book continues to grow, and our diversified business model and positive cash position will allow the group to maintain this steady progress in the current financial year.
“We will continue to focus on retaining and investing in our talented employees and recruiting the best staff – because with a team like ours, we can really look forward with confidence.
“The Group board is delighted with the strong performance of the business in what remains a competitive environment. To have had seventeen consecutive years of profitable trading is a wonderful achievement.
“We are optimistic about the future and fully expect our business to grow steadily, and sustainably, in the years ahead.”
Photo: King’s View development in North Toryglen in Glasgow (contributed)