Building contractor J Smart has seen its annual profits almost treble despite a drop in turnover.
The Edinburgh-based group posted a pre-tax profit of £3.5 million for the year to the end of July, up from £1.2m a year earlier, although turnover came in 13 per cent lower at £21.6m.
J Smart said two social housing and private residential developments at Seafield Street and Pilton Drive in Edinburgh were “proceeding satisfactorily”.
While the firm said it was encouraged by the levels of interest in its commercial office premises, occupancy levels “continue to struggle”.
It added: “Private residential sales will be more than last year. The first phase of our industrial development which commenced recently at Bellshill Industrial Estate, Glasgow is attracting healthy interest. Property values remain buoyant, however writedowns in certain instances cannot be ruled out.
“Taking the foregoing into account and the fragile state of the current economic recovery it is not possible at this stage to make an informed forecast of the outcome for the current year.”