Development and construction giant Cruden Group says it has defied tough market conditions and reported a 23rd consecutive year of profitable trading.
The group announced that for the year to 31 March 2022, it saw total turnover increase by 29% to £247.4m and profit before tax increase to £4.9m - up on £0.3m in 2021.
In a statement today, it said: "The group has secured a solid forward pipeline of work, both in house building and construction, and has benefitted from the consistent high demand for new build housing, for private sale, from housing associations and local authorities, and from Build to Rent clients."
Its construction arm Cruden Building was appointed to three separate multi-million-pound public sector procurement frameworks to address local housing challenges across Scotland.
Cruden was founded in 1943 and says it builds nearly one in fifteen new homes in Scotland. It employs some 600 people and is focusing on modern apprenticeships and graduate trainees through the Cruden Academy.
Cruden is also delivering the design for two Net Zero housing developments at Silverlea and Fountainbridge in Edinburgh, and is on site building Scotland’s first social housing development to ‘Passivhaus’ standard in Drymen, near Glasgow.
Cruden Group chief executive Kevin Reid said: "The business and our employees have shown great resilience and adaptability in a dynamic and changing marketplace and we have made good progress this year to deliver an improved set of financial results.
"We have secured a solid forward order book, with public sector clients, and have the capacity to expand our house building activities as market conditions allow. Our ability to secure land, fund developments and deliver large construction projects, continues to set us apart from many of our competitors.
"We have to recognise the challenges posed by ongoing macroeconomic uncertainty, but we remain optimistic about our future and anticipate that we can maintain activity levels in the period to March 2023.
"The strength of the group’s balance sheet also enables us to navigate the challenging business environment currently presenting and look forward with confidence to the years ahead as fresh opportunities arise."
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