The housebuilder recorded a pre-tax loss of £4.4 million for the financial year ending 30 June 2024, having reported a £1.6m profit in the previous year.

The company saw its turnover decline to £39m in 2024, down from £60m in the previous year.

Finance director Scott Martin attributed the results to the “challenging market conditions as a result of higher interest rates”, which he said had “reduced consumer confidence in the housing market”.

“Whilst overheads were lower than previous years as a result of efficiencies, increased borrowing which result in higher interest charges together with lower gross margin results in a loss of £4.4mm in the year,” he said.

However, Mr Martin added that things were now looking more positive for the business.

“The reduction in interest rates and political stability following the general election has had a positive impact on general trading conditions resulting in improved trading in the current year,” he said.

“The company launched new developments in Colinsburgh and Perth and continue to work with landowners to bring forward new sites within the company’s core markets of Tayside, Aberdeenshire and Inverness.”