Construction News

Sat November 28 2020

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Cruden reports 21st consecutive year of profit

30 Oct Cruden Group has published its latest results - its 21st consecutive year of profitable trading.

It has made £7.9m profit before tax before exceptional items of £1.3m relating to the coronavirus pandemic. It has reported turnover of over £228m, an increase of 19% from the previous year. This consisted of construction for external clients of £180m, representing approximately 1,100 housing units completed during the year, and the sale of private housing of £48m, representing 241 private homes sold in the year, including joint ventures.

This year, Cruden is aiming to complete approximately 1,500 new homes. The independently owned Scottish residential development and construction group is currently building on over 50 sites and employs approximately 600 direct members of staff, including 72 apprentices, with a further 1,000 operatives employed by sub-contractors in its supply chain.

The group, which in recent years has delivered an average of 1,200 new homes across the country, has been expanding its activities - working with its clients across both the public and private sectors and increasing its investment in delivering new housing for sale, both in its own name, and with its joint venture partners. 

During the year ahead, Cruden will focus on investing in the delivery of new housing for sale and sustaining this level of construction activity to deliver housing to clients across both the public and private sectors.

The coronavirus pandemic and subsequent site closures during lockdown impacted the long-term contract profit margins reported in the group’s financial accounts for the year to 31 March 2020.

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Working with industry representative bodies, the Scottish government and trade unions, Cruden established exemplar sites in the Central Belt to demonstrate new safe working practices to support the Construction Scotland Restart Plan.

Cruden Group chief executive Kevin Reid said: “It’s a significant achievement to report our twenty-first continuous year of profitable trading, particularly against the challenging and unprecedented backdrop that the pandemic presented. I am particularly proud of the responsible approach adopted by all of our employees both during lockdown and on our return to sites.  Their hard work in creating an environment which allows for a safe and effective workplace has been admirable.  The wellbeing of staff, our subcontractors and suppliers, our customers and the communities that we are building in continues to be our key focus.

“In that context, I’m also delighted to report that The Cruden Foundation has now donated in excess of £7 million in total to charitable organisations across Scotland.  Our staff should be proud of this achievement made possible only by their continuing hard work.”

He added: “On the trading front, we have made a robust start to the year ahead with an extremely healthy forward order book.  The chronic shortage of housing throughout the country remains an issue and as a result, we hope to further increase the number of homes that we will build this year to help address this shortfall.

“We will be placing more emphasis on mixed and sustainable housing communities, including combinations of affordable, build to rent and private sale housing, along with multi-purpose commercial and retail space. Building multi-tenure sustainable communities is at the heart of the Cruden offering and we will continue to play a crucial role in delivering Scotland’s much needed homes for the future.”

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