Financial results show successful year for Muir Group
Fife-based contractor, housebuilder and property developer Muir Group is looking ahead to “promising” prospects for the current year following an increase in revenue over the last 12 months.
Newly filed accounts at Companies House saw turnover at the Inverkeithing-based group increase by 39% to over £74,700,000 from £53,700,000 last year, boosted by increased activity levels in both contracting and private housing.
Muir Construction revenues increased to just under £40 million, up £15m on last year. Construction returned a profit of £400,000 before tax, compared to a £950,000 loss last year.
Housing revenues rose by £5m to just under £30m. Average house prices were £221,000, compared to £195,000 in 2015/2016, with additional house sales taking the total number of properties sold to 137.
Timber Systems had another busy year as turnover increased to £4.7m from £3.5m previously. Margins were down slightly and overheads higher to drive the increased activity with profits circa £200,000. Prospects for the current year look promising.
Leisure revenues continued flat at £1.6m, which along with increased costs meant this remained the last Group company to return a profit.
Development activity halved in the year, with revenues of £4.2m against £8.6m last year. Property Development for the current year will depend on timing of transactions and market confidence.
Commenting on the results, John Muir, chairman of Muir Group, said: “This is a very positive set of results and it’s encouraging to see turnover increasing significantly across the majority of areas of the business. The reduction in development activity reflects continuing issues facing the property market in general, with reduced demand in Aberdeen producing a ripple effect for the north east.
“Looking forward, the Group is seeing positives in improved management in construction, housing and leisure to meet changed market conditions. Overall, Group profits remained on £4 Million before tax, which was a very credible performance in difficult trading conditions.”