Tulloch Homes outlines road to future growth

Tulloch Homes has reported a 2.4% increase in turnover and predicted a steady year ahead powered by the ongoing dualling of the A9 between Perth and the Highlands.

Tulloch Homes outlines road to future growth

George Fraser

The Inverness-based group booked turnover of £51.1 million for the year to the end of June, up on the previous year’s £49.9m.

Pre-tax profits came in at £8.8m, down from £12m, though last year’s haul had been boosted by the sale of a commercial site in Inverness together with a pension refund and other provisions released, leading to a one-off gain of £3.5m.

Tulloch Homes, which is focussed on Inverness but has developments in Aberdeen and the Central Belt, has 1,320 units with planning consent, up from 1,237 last year, and a further 474 units are contracted in the Highlands.

At the end of June 2019, Tulloch had net assets amounting to £60.2m, a year-on-year increase of 16.4%, and a net cash balance up 32.1% from £15.9m to £21m

Chief executive George Fraser said: “We are very happy with the strong financial performance of the business over the last 12 months. The figures both in this period and over the last number of terms is a result of hard work from all our dedicated employees and wider supply chain, together with a quality landbank acquired over many years.

“We continue to require the acquisition of land as the raw material and precursor to the development and sale of private housing and that is an ongoing process.

“Looking forward, we expect the housing market to remain relatively stable throughout the coming year and as a result anticipate unit numbers and volumes to be consistent with the current year.”

He added: “We’re proud to be a company that contributes to local prosperity, employing 158 people mainly in the Highlands, and supporting over 600 jobs when our regular sub-contractors are taken into account.

“Inverness, one of the UK’s fastest-growing cities, continues to sustain a strong demand for new housing, and developments like the dualling of the A9 from Perth and the A96 from Aberdeen mean this growth is likely to continue.”

This summer saw the ground-breaking ceremony at Tulloch Homes’ latest development at Ness Side, adjoining the West Link Road in Inverness.

The £90m development of 757 homes, including 200 affordable units, on a 35-acre location is the company’s largest-ever investment, creating and guaranteeing local construction jobs and sub-contractor employment for up to 20 years, Tulloch noted.

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