Hadden Group confident about future trading after refocusing business
Perthshire construction firm Hadden Group has revealed renewed optimism for the future as it celebrates its silver anniversary.
Newly lodged accounts at Companies House, reported in The Courier, show the firm suffered a fall in turnover from £22.37 million to £19.39m in the year to March 31.
Pre-tax profits dropped by more than £200,000 to £574,962 in the period, although gross profit was marginally ahead of the prior year at £2.85m.
In her strategic report to the accounts, company secretary Anne Nicol said the directors considered the outcome “satisfactory” and the group’s short term prospects as “positive.”
She added a recovery in the speculative housing sector had allowed the company to actively pursue the acquisition of land for new developments and work had begun on the first of the acquired sites.
Business development director, Stephen Lynas, said the past months had seen Hadden reposition itself to focus on higher margin projects.
He said the drop in turnover in the year past could be largely attributed to that decision, and the new strategy was starting to pay dividends.
In September, the group welcomed former BAM Construction executive, Steven Brady, as its new managing director and it completed a corporate rebrand under the Hadden Group name the following month.
The firm was also one of nine main contractors to have secured a place on an £800m schools and community buildings framework with the Scottish Procurement Alliance.
“We have refocused and are now being a bit more selective and not chasing low margin work,” Mr Lynas said.
“We have secured a lot of work and things are looking a lot more positive.
“We have also put quite a bit of investment into the Hadden Homes side of the business and we have a planning application at the moment for a site at Inchture with 66 units made up of 16 affordable homes and 50 private houses.”