Cruden to build on profits record despite lockdown
Kevin Reid: ‘significant achievement’
Cruden Group, the Scottish house builder and construction business, said the lockdown will impact on this year’s figures though it expects to make a 22nd consecutive year of profit.
In the year to the end of March, the company posted a £7.88 million pre-tax profit or £6.58m after £1.3m of exceptionals related to the pandemic. This compared to £5.5m in the previous 12 months.
The company, which has delivered an annual average of 1,200 new homes across the country, reported turnover of £227.5m, an increase of 19% from the previous year (£191.7m).
Although the lockdown period and resulting loss of productivity will also affect the current year’s financial performance, the Group said in a statement that it is confident of delivering another year of profit and, through effective cash management, is well placed to continue to invest in its core operations.
It will deliver 1,500 new homes this year on more than 50 active sites.
Kevin Reid, chief executive, said: “It’s a significant achievement to report our twenty-first continuous year of profitable trading, particularly against the challenging and unprecedented backdrop that the pandemic presented.
“On the trading front, we have made a robust start to the year ahead with an extremely healthy forward order book. The chronic shortage of housing throughout the country remains an issue and as a result, we hope to further increase the number of homes that we will build this year to help address this shortfall.”
“We will be placing more emphasis on mixed and sustainable housing communities, including combinations of affordable, build to rent and private sale housing, along with multi-purpose commercial and retail space.”
He said the Cruden Foundation has now donated in excess of £7 million in total to charitable organisations across Scotland.