Independently owned construction and residential development businesses, The Cruden Group, has today announced an increase in turnover, profit and home sales as part of its audited results up to 31 March 2017.
The Cruden Group specialises in providing high quality housing, both for sale and for affordable rent. Since its formation in 1943, the Group has built or modernised over 130,000 homes, and currently delivers around 1,500 properties every year.
This latest set of positive results means the Group has enjoyed its eighteenth consecutive year of profitable trading.
Group turnover increased to £200.6m (from £154.2m in 2016), while Group profit before tax increased to £10.4m (from £7.5m in 2016). The company’s net assets now stand at £43.6m (an increase from £38.8m in 2015), and access to a £9m bank facility remains undrawn.
The number of homes sold by the Group increased from 139 in 2016 to 280, reflecting the greater number of sales outlets this year. Of these homes, 62 were sold through joint ventures compared to 34 in 2016. While the average sales value in 2017 (including joint ventures) was £226,000 (a decrease from £259,000 last year) sales were achieved across a broad price range (£99,000 to £1,300,000) demonstrating the diversity of the Group’s product range.
Construction turnover also grew from £136m in 2016 to £160m – an increase of 18%. Key activity remains the construction and refurbishment of residential housing for clients in the public sector.
The Group – which has approximately 50 active sites across Scotland at any given time - continues to focus on innovation, energy efficiency, regeneration and affordability, building on its expertise gained cross all the projects it delivers.
Kevin Reid, Cruden Group managing director, said: “I’m very pleased to report that 2017 has been a fantastic year for Cruden, delivering the Group’s highest turnover and profit in its history. To have had eighteen consecutive years of profitable trading is a wonderful achievement, especially against the challenging economic backdrop we’ve had in recent years.
“The Group board is delighted with the strong performance of the business, and we look towards our 75th anniversary next year with optimism. We fully expect our business to continue to grow sustainably in the years ahead.”