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Thu November 15 2018

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Profits dip at Scottish Cruden

23 Oct Scottish construction group Cruden has posted annual results showing a dip in turnover and profits.

Managing director Kevin Reid
Managing director Kevin Reid

Cruden Holdings Ltd, not to be confused with Cheshire-based Cruden Group Ltd, generated pre-tax profit of £9.0m for the year to 31st March 2018, down 12% on the previous year (2017: £10.5m). Group turnover was down 4% to £188.6m (2017: £200.6m).

The value of the company’ construction activity increased in the year by 4% to £167m. The number of homes sold decreased from 280 to 158, which was attributed to “timing in the development process”. Average sale price was £270,000.

The directors said in their report in the annual accounts: “The group’s forward order book in construction for external clients is encouraging and should allow for enhanced levels of activity in future periods. Whilst the group continues to be selective in its residential development programme, good progress has been made in expanding activity in this sector as a pace commensurate with market conditions.

“It is likely that the group’s turnover will increase in the following financial year, based both on construction activity levels and the number of anticipated homes sales. Following a further year of solid trading, the group’s net asset value has increased to £44.7m (2017: £41.6m), which provides a stable platform for future growth.”

Within Cruden Holdings, there are two distinct construction companies: Cruden Building is based in Glasgow and operates primarily in the west of Scotland. Hart is based in Edinburgh and covers the east.

MPU

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