Aberdeenshire's Bancon Group sitting firm as turnover builds post-pandemic
Bancon Group, the Aberdeenshire housebuilding and construction business, has “strong foundations” in place for the year ahead after a further recovery in turnover following the pandemic.
The Banchory-headquartered firm reported a 24 per cent increase in turnover, on comparable pre-pandemic years, and 55 per cent on the previous Covid-impacted year, in accounts for the year ending March 31, 2002.
It achieved a turnover of £114 million for the latest year, up £40m on 2021, with operating profits increasing from £1.4m to £4.9m compared to the previous year.
Pre-tax profits jumped from some £200,000 to £2.7m, with strong performances in the homes and timber-frame businesses.
Bancon Homes delivered a significant uplift in profit, driven by a record year for sales of private homes across its key markets in Aberdeen city and shire and the Central Belt. Two new developments in the “much improved” Aberdeenshire market were launched and the acquisition of further sites in the Central Belt is expected to complete in the coming months.
Chief executive John Irvine said: “The underlying strength of the group, together with our clear strategy, has resulted in considerably increased profits, despite the well-documented headwinds being experienced by the industry.
“We have entered the current financial year with strong forward orders across all our businesses and continue to focus on our longer-term growth by significantly investing in the attraction, retention and development of people and increasing the production capacity of Deeside Timberframe.
“With these strong foundations and proactive measures we’ve taken to address the challenges of supply chain disruption, recruitment and rising costs, I am optimistic that we will produce another strong performance in the current year.”
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