Commonwealth Games work helps Cruden to 16th profitable year in a row
The Edinburgh-based group recorded a pre-tax profit of £7.1 million for the 12 months to the end of March. Turnover during the period, which included the retrofit of the Commonwealth Games athletes’ village in Glasgow, increased by 5.5 per cent to £142.2m.
A key member of the City Legacy consortium, Cruden handed over 400 houses to clients for rent after the retro-fit, which took place in the weeks after Glasgow 2014. Only 40 of the 300 houses made available for sale are still on the market.
Chairman Mike Rowley said the group was “delighted” with its progress adding that challenging markets are showing improvements.
“Going forward, we are confident that the group is extremely well-positioned to take advantage of the many new and existing opportunities that are available to us,” Rowley added.
Cruden’s construction arm boosted revenue by 5 per cent to £129m. Major projects included completion of the single largest National Housing Trust contract in Scotland for 145 flats at Salamander Place in Edinburgh.
Group managing director Kevin Reid said: “I am pleased to report a year of excellent progress with this strong set of results. With many new projects in the pipeline and a solid order book, combined with our cash-positive position, we are well placed to continue to build on our successes through the remainder of this year and well into next.
“The Cruden Group continues to benefit from its balanced exposure to the construction and residential development sectors and whilst economic factors continue to create a degree of uncertainty within the market, the group is extremely well-placed to manage these risks.”