Turnover falls at building group
Squeeze on costs helps Ogilvie profits rise 8%
Ogilvie Group has achieved another year of stable financial performance in 2018, increasing annual profit by 8% to £5.8 million while group turnover fell from £269m to £238m, excluding joint ventures.
Ogilvie Fleet continued to grow its client base across the UK and the fleet size increased by 13% to over 18,200 vehicles, consolidating the company’s position as a top 20 vehicle contract hire company.
It acquired Scorpion Vehicle Management in January 2018 and continued tight controls on vehicle costs and disposals, along with a sustained buoyant used car and van market have contributed to a strong performance.
Ogilvie Construction delivered a strong financial performance in a slow market environment but is now seeing a significant improvement in its order book.
Ogilvie Homes achieved steady growth over the year in line with its business plan as private house sales and average selling prices continued to improve. While there is less dependence on substantial incentives, Help to Buy continues to be popular.
Net-Defence is focused on the provision of IT and cyber security solutions to corporate clients. The company’s staff continue to grow the client portfolio.
Active Auto Solutions, the Lincoln-based accident management business acquired in 2017, has performed well and is expected to deliver continued profit as the full benefits of synergies with Ogilvie Fleet are realised.
Duncan Ogilvie, chief executive, pictured, said: “Despite a drop in overall group turnover last year the increase in profit demonstrates the efficiency of our business processes during what has been a very solid performance throughout the year.
“With a healthy order pipeline, we are confident that the business will continue to grow in the coming year. The Group’s strength lies in the diversity of its businesses and the expertise of their management teams, who are specialists in their sectors.
“We continue to invest in skills and training across the workforce to maintain the high standards of delivery and customer service for which Ogilvie Group is recognised.”