Estate owner Buccleuch has described trading in its core markets as “challenging” as it posted results for the past financial year.
Group income for MDS Estates, the holding company of Buccleuch, totalled just over £14.4 million for the 12 months to the end of October 2016, although the figure was impacted by “accounting revaluations”.
The reporting change had the effect of boosting group income by some £15m, suggesting an underlying loss of £592,000 compared with a profit of £200,000 in the previous year, calculated on the same basis. Turnover in the period under review was just shy of £30m.
John Glen, chief executive of the group, which represents the interests of landowner the Duke of Buccleuch, said: “Trading in our traditional areas of agriculture, forestry, rural property and heritage tourism has been challenging during the reporting period and, as expected, capital growth in the commercial property market slowed following a particularly strong progression the previous year.
“In contrast, our plan to create a major energy park at Glenmuckloch in Dumfries and Galloway continues to progress.”
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He added: “We have continued to implement a robust business strategy and remain wholly committed to achieving our ambitions in the energy, hospitality and commercial property sectors.
“In particular, Buccleuch is contributing to economic development in the south of Scotland and this is a priority area of activity.”