Focus on core business helps Tulloch Homes sustain growth

George Fraser, Chief Exec of Tulloch Homes outside a development in Inverness
George Fraser, Chief Exec of Tulloch Homes outside a development in Inverness

Inverness-headquartered housebuilder Tulloch Homes has benefited from a stable housing market to record continued growth over the past year, its newly-published annual results reveal.

In the 12 months following a management buyout in early 2015, Tulloch Homes Group generated turnover of £45 million, posting an operating profit of £7.4m and pre-tax profits of £6.8m in its financial year ending 30th June 2016.

Over the same period, it sold 201 homes with an average selling price of £203,000.

Greater availability of workers due to the downturn in the oil and gas sector as well as the Scottish Government’s ‘Help to Buy Scotland’ scheme continuing to attract new homeowners were other factors that helped Tulloch to manage rising materials costs and achieve its targets.

The company said it was confident about its prospects for the year ahead, citing favourable market conditions and strong pipeline of properties awaiting construction.  It has the potential to deliver 1,147 homes on land with planning consent granted, and a further 497 units on sites owned by the company awaiting planning permission.

George Fraser, Tulloch Homes Group chief executive, said: “The strength of our land bank, together with our dedicated employees and subcontractor pool have all contributed to these encouraging results.

“Since the buy-out just over a year ago, our strategy has been to focus on house-building and disposal of non-core assets, which is on schedule to be completed during this financial year. We’re pleased with the progress made in the past year and, with a healthy order book and positive market conditions, we’re looking forward to continuing our support for local communities in the Highlands and North East in the year ahead.”

Predominantly building in the Highlands and Aberdeenshire, the 90-year-old company employs over 180 people directly and has over 300 subcontractors.

Over the past year it has invested over £20m in sites across Inverness-shire and Ross-shire, offering homes from £100,000 to £500,000. Current developments include Bellfield Meadows in North Kessock, Chanonry Park in Fortrose and The Courtyard apartments in Aberdeen.

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