Builder in black
Cruden hit by lockdown but stays in black for 22nd year
The company is involved in a number of major projects
House builder and construction company the Cruden Group took a financial hit last year, which included three months of lockdown, but the company remained in the black to post its 22nd consecutive year of profitable trading.
Profit before tax and exceptional items in the 12 months to the end of March 2021 came in at £2.4m, against £7.9m in the previous 12 months, with turnover falling to £191.5m from £227.5m.
Last year’s revenue consisted of construction for external clients of £153m, representing an average of approximately 2,900 units under construction during the year, and the sale of private housing of £38m (including the Group’s share of joint ventures) representing 159 private homes sold in the year, both activities affected by the COVID-19 lockdown and ongoing restrictions.
Net assets stood at £48.8m, cash reserves at £49.8m and the group has access to significant undrawn bank facilities.
The number of homes sold fell from 241 to 159, as a direct impact of lockdown and the COVID-19 pandemic. However, the average sales value grew from £196,000 to £225,000, highlighting strong demand for larger, family housing and the ongoing resilience of the UK housing market.