Cruden boosted by strategic pivot as profits almost double

For the year, the five-star SME housebuilder reported turnover of £112 million, with profit before tax and exceptional items from continuing activities increasing to £4.4m (2024: £2.6m). Cruden’s net asset value grew to £42.6m (2024: £40.7m), while cash reserves strengthened to £18.4m at year end, supported by an undrawn £9m revolving credit facility.

In November 2025, Cruden reached a significant strategic milestone with an investment into the business from BGF, one of the UK and Ireland’s leading growth capital investors.

The investment is designed to accelerate Cruden’s development programme, bring forward major sites from its extensive landbank and unlock new opportunities to deliver high-quality, sustainable housing at scale across Scotland’s Central Belt and key regions.

Cruden’s strategy of shifting away from competitively tendered construction towards land-led development and partnership working has resulted in a more disciplined business model. While this transition temporarily reduced overall turnover, it has improved profitability and operational resilience through the year.

During the period under review, Cruden’s core housebuilding activity scaled substantially, with homes sold increasing to 121 units (2024: 51), reflecting strengthened delivery of private housing.

The group has also continued to secure the land pipeline needed to support future growth, with several new developments planned to open during the current financial year, across both private housing and land-led affordable projects.

Euan Haggerty, chief financial officer of Cruden, said: “This year’s results clearly demonstrate the benefits of the strategic changes we have made. By refocusing the business on land-led development and partnership working, alongside our core delivery of private housing, we have significantly improved the quality of our earnings and strengthened Cruden’s balance sheet.

“BGF’s backing is a powerful endorsement of our strategy and provides additional momentum as we look to accelerate delivery on key sites  and bring forward sustainable housing at scale. While market conditions remain challenging, Cruden is well positioned to manage risk, invest for the long term and grow sustainably across all tenures.”