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