Buccleuch Estates reports doubling in profits
THE company comprising the business interests of the Duke of Buccleuch has reported a doubling in profits to £1.4 million while its net debt fell by £21m.
Buccleuch Estates sold properties in Aberdeen, London and Moscow in the year to the end of October. Modest profit in 2011 followed three years of losses.
It has also completed terms with Dart Energy for the exploration of coal bed methane in Dumfriesshire and signed an agreement with Kier Mining to submit a planning application for an open-cast mine. Turnover rose to £54.5m from £49.9m the previous year which included discontinued operations.
John Glen, the chief executive of Buccleuch Estates, said the business will now be known simply as “Buccleuch” following the creation of a new logo featuring a stag’s head.