Strong demand helps Tulloch Homes towards 60% boost in profits
Tulloch Homes has reported a robust set of financial results as it hunts for more sites to develop.
The Inverness-based firm credited strong market conditions for a 60% boost to profits.
The company made £12 million profit before tax in the year ended June 30, compared with £7.7m in the preceding 12 months. Sales increased by 15% from £43.4m to £49.9m.
The jump in profit was boosted by the sale of a commercial site in Inverness and a pension refund, which together totalled a one-off figure of £3.5m.
The group, which is focused on Inverness but has interests across Scotland, currently has 1,237 units with planning consent, up from 1,106 last year.
At the end of June 2018, Tulloch had net assets of £51.7m, an increase of 28.2% on 2016-17.
Chief executive George Fraser said: “The strong financial performance of the business over the last number of years is as a result of a clear strategy divesting of non-core assets and focusing on housebuilding.
“It has also required hard work from all our dedicated employees and wider supply chain together with a quality landbank acquired over many years. This exceptional result was very much a team effort.”
Fraser said with future developments such as the dualling of the A9 from Perth and the A96 from Aberdeen in the pipeline, the growth of Inverness is likely to continue and the company was looking for more sites to add to its landbank.
Outside of its core area, it also recently announced the acquisition of its most southerly site in Scotland at Fenwick, East Ayrshire and started work at a site at Balgeddie Park, Glenrothes.
The company directly employs 150 people, mainly in the Highlands, and supports a further 600 jobs at sub-contractors.