Profits rise at builder
Tulloch Homes benefiting from new focus
George Fraser: ‘measured investment’
A robust residential property market has helped housebuilder Tulloch Homes to maintain its consistent progress.
The Inverness-headquartered group generated a 13.2% rise in pre-tax profits to £7.7 million on turnover of £43.5m for the year to the end of June.
The number of homes sold fell from 201 to 180, though the the average value rose from £203,000 to £210,000.
The company has expanded into the Central Belt with a development in East Kilbride.
The board remains confident about its prospects amid favourable market conditions and a strong pipeline of properties awaiting construction.
George Fraser, chief executive, said: “Our measured investment in suitable sites combined with low interest rates and a relatively stable economy in our primary areas of activity have contributed to another positive year for the firm.
“From what we have seen confidence among house buyers remains robust, and that has continued over the past six months.
“We have a very healthy land bank which we continue to maintain, and we are pleased with the success of our development in East Kilbride with it being our first in central Scotland for a number of years.”
Tulloch employs more than 150 people directly and has 300 subcontractors across the Highlands and North East.
Mr Fraser added: “We are also in the final stages of our non-core asset disposal programme, which we set out at the time of the management buy-out to focus on returning the company to being purely a housebuilder.
“That has contributed to a significantly strengthened balance sheet and puts us on a strong footing for continued investment in the years ahead.
“The long-term stability of the company is our priority, and the steady improvement in the performance of the business means we can re-invest in training and recruitment and in turn boost the economies of our local communities.”