Total turnover, including Cruden’s share of joint ventures, increased to £134 million, from £112m in the previous year, while profit before tax and exceptional items rose to £6.1m, compared with £2.8m.

The results reflect improved performance across Cruden’s core housebuilding activities following its strategic focus on increased private development and partnership-based affordable housing and a move away from price-led tendered construction.

Private home sales increased by more than 20% to 148 homes, from 121 in the previous year. The average selling price was £311,000, compared with £347,000, reflecting the mix of homes sold and a greater proportion of value-focused family homes.

The group also strengthened its financial position, with net assets increasing to £48.7m, from £42.6m, and net cash reserves rising to £21.3m, from £18.4m. Cruden also retains its undrawn £9m revolving credit facilities at the year-end.

Fraser Lynes, chief executive of Cruden, said: “These results demonstrate the progress we are making and, importantly, show that our strategy is translating into stronger financial and operational performance.

“We have been very deliberate about how we want to grow Cruden. We are increasing our private housebuilding activity while focusing our affordable housing business on land-led developments and genuine partnerships where our development expertise can add real value.

“We are now seeing the benefits of that approach through increased home sales, improved profitability and a strong pipeline that gives us visibility over the next phase of growth. There is still a great deal to deliver, but we have entered the new financial year with real momentum and a clear sense of direction.”

Cruden currently has a development pipeline of more than 3,500 homes, spanning private and affordable housing. The pipeline combines major regeneration and placemaking opportunities with larger family housing developments and the continued expansion of Cruden’s private housebuilding activities into new geographical markets.

At Granton Waterfront in north Edinburgh, Cruden is contributing to one of Scotland’s most significant regeneration programmes, delivering over 800 homes in the first phase, while The Village at Dalmarnock builds on Cruden’s longstanding involvement in the area following its completion of the award-winning Athletes’ Village for the Glasgow 2014 Commonwealth Games.

New developments, Neukhaven Green in Pittenweem and Stonefield Brae in Neilston, further strengthen Cruden’s regional presence, supporting growth in carefully selected markets across Scotland. Collectively, these projects reflect the business’s disciplined approach to expansion, placemaking expertise and commitment to delivering much needed homes in locations with strong long-term fundamentals.

Cruden’s acquisition strategy is increasingly focused on securing larger developments that provide greater pipeline certainty and several years of housing supply in individual locations, supporting its ambition to progressively increase the number of homes it delivers.

Lynes added: “Our pipeline shows what the next phase of Cruden’s growth looks like. It gives us a strong mix of carefully selected private developments and major partnership-led placemaking projects. Our focus now is on converting those opportunities into homes and sustainable growth.

“Growth for us isn’t simply about getting bigger. It is about choosing the right developments, working with the right partners and delivering high-quality homes and places that customers and communities value.”

Euan Haggerty, chief financial officer of Cruden, said: “The quality of this year’s performance is particularly encouraging. We have increased turnover and more than doubled profit before tax and exceptional items while continuing to reshape the business and invest in the platform for future growth.

“At the same time, net assets have increased to £48.7m, and we finished the year with £21.3m of cash reserves. That financial strength gives us resilience, but it also gives us the capacity to invest as we bring more of our development pipeline forward.

“The priority now is to maintain that discipline as activity increases. We are focused on converting the strength of the pipeline into sustainable growth in turnover, margin and cash generation, while continuing to manage our balance sheet carefully.”

In November last year, BGF, one of the UK and Ireland’s largest and most experienced growth capital investors, acquired a minority stake in Cruden. This represents the first external investment in the business, and a significant endorsement of Cruden’s growth ambitions, leadership strength and long-term vision for the future.

Despite continued economic uncertainty, interest rate pressures and challenges around planning and public sector funding, Cruden said the fundamental shortage of housing across Scotland continues to underpin long-term demand.

The business intends to progressively increase the number of private homes it sells while continuing to grow its affordable housing activities and pursue opportunities across different tenures, including build-to-rent.

Fraser Lynes added: “Scotland needs significantly more homes across every tenure, and Cruden has both the capability and ambition to play an important part in delivering them.

“We have more than 80 years of heritage behind us, but our focus is firmly on what comes next. With a strong balance sheet, an increasingly diverse pipeline and a highly experienced team, we are well placed to build on our legacy while embracing our next stage of growth.

“The progress made this year gives us confidence, but our job now is execution, getting developments started, delivering for our customers and partners and continuing to build a strong and sustainable Cruden for the long term.”