Sir David Murray’s family business has booked “a solid year” of trading with a steady rise in both turnover and shareholder funds.
Edinburgh-based Murray Capital Group, which is behind plans for a major mixed-use development to the west of the city, reported a 5 per cent increase in turnover to £73.4 million for 2017, up from £69.5m a year earlier.
Profit after tax and minority interests came in at £1.1m, compared with a modest loss of £57,000 in 2016. Shareholder funds increased to £48m from £46.9m while net cash increased to £10.3m from £9.2m.
Managing director David Murray, Sir David’s son, said the higher turnover was driven by an increase in revenues within the group’s Murray Metals business – its largest trading asset – despite “challenging” market conditions.
He said: “It was a solid year for Murray Capital, with turnover, profit, and shareholder funds all increasing.
“We are a long-term family investment company so value is released in significant events and deals that can take many years to develop. In that regard, the immediate priorities for the business are our sites in West Edinburgh – the Edinburgh Garden District and the International Business Gateway.
“The west of Edinburgh is a strategically important development area for the whole Scottish economy. We are working with partners to secure support for a very significant investment in housing, commercial property, and civic amenity and enhancement.”