Cruden Group breaks £200m turnover barrier following ‘fantastic year’
Construction and residential development firm Cruden Group has exceeded the £200 million turnover mark for the first time as the business recorded an eighteenth consecutive year of profitable trading.
Audited results published today for the year up to 31 March 2017 have revealed an increase in turnover, profit and home sales.
Pre-tax profits hit £10.4m for the year to March from £7.5m last time as turnover increased to £200.6m from £154.2m. 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. Whilst 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.
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.
“In terms of residential sales, business remains encouraging in this area as a result of the suitability and affordability of many of our homes for first time buyers, along with our team’s expertise in providing guidance and support to this market sector. The continued availability of Help to Buy (Scotland) has also been beneficial to our first time purchasers.
“Training and skills development is a key focus within the Group, so it is also fantastic news that we have continued to retain in excess of 50 apprentices on our books – this will provide a pipeline of skilled and talented employees for the future.
“Winning the Queen’s Award for Enterprise as part of the City Legacy consortium was another wonderful moment for the whole team at Cruden Group. I am extremely proud that Cruden continues to be recognised at the highest level for the top quality build projects that we deliver, and also for our excellent team of employees who provide impeccable customer service.
“As a company with CSR firmly at its heart, I’m also proud that one of the Group’s shareholders, Cruden Foundation, has now donated £6m to community based charities in Scotland.”