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Cruden turnover passes £200m as margin hits 5%

Scottish contractor Cruden has posted increased turnover and profit in its latest full-year financial results.

In its results for the year to 31 March 2017, the Edinburgh-based contractor and housebuilder reported a 30.1 per cent increase in turnover and a 37.8 rise in pre-tax profit.

The company saw turnover rise to £200.6m, up from £154.2m, while pre-tax profit increased to £10.4m, up from £7.5m, leaving the group with a pre-tax margin of 5.2 per cent.

Turnover at the group’s construction business rose to £160m, from £136m, over the same period.

Cruden group managing director Kevin Reid said the group had hit its “highest turnover and profit” in its 74-year history.

“To have had 18 consecutive years of profitable trading is a wonderful achievement, especially against the challenging economic backdrop we’ve had in recent years,” he said.

“In terms of residential sales, business remains encouraging in this area as a result of the suitability and affordability of many of our homes for first-time buyers, along with our team’s expertise in providing guidance and support to this market sector.

“The continued availability of Help to Buy (Scotland) has also been beneficial to our first-time purchasers.”

Cruden’s construction arm has been boosted by a number of projects in 2017, including a new care home at Pinkhill in Edinburgh; and 146 homes for mid-market rent for the National Housing Trust programme at Harbour Point, also in the Scottish capital.

It has also been appointed as a preferred contractor on the Scottish Procurement Alliance Framework, which will see Cruden deliver 700 homes over the next three years.

The group’s residential arm has also a number of major projects including the Woodcroft development in Edinburgh (pictured, above), while it also secured a place on Link Group’s £280m housing framework alongside 13 other contractors.

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