Housebuilder Cruden Group hails £200m sales milestone

One of Scotland's biggest independently owned construction and residential development businesses today unveiled its 18th successive year of profitable trading, hailing the 2017 performance as 'fantastic'.

Cruden said it was looking towards next year's 75th anniversary 'with optimism'. Picture: Contributed

Cruden Group, which was established in 1943, revealed that its pre-tax profit rose to £10.4 million in the year to end-March 2017 from £7.5m in the previous 12 months.

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The firm, which employs about 600 staff across three offices in Edinburgh, East Lothian and Glasgow, also passed the £200m turnover milestone in the latest year, a leap from £154m in 2016.

Cruden, whose residential division comprises both housing for sale and for affordable rent, said the number of homes sold also rose to 280 from 139.

While the average sales value in 2017 (including joint ventures) was £226,000 (a fall from £259,000 last year), the company said sales were achieved across a broad price range (£99,000 to £1.3m) “demonstrating the diversity of the group’s product range”.

Construction turnover also grew 18 per cent from £136m in 2016 to £160m, with its main activity being the construction and refurbishment of residential housing for clients in the public sector.

Kevin Reid, managing director of Cruden – which says it has about 50 active Scottish sites at any given time – said: “I’m very pleased to report that 2017 has been a fantastic year for Cruden, delivering the group’s highest turnover and profit in its history.

“To have had 18 consecutive years of profitable trading is a wonderful achievement, especially against the challenging economic backdrop we’ve had in recent years.

“The group board is delighted with the strong performance of the business, and we look towards our 75th anniversary next year with optimism. We fully expect our business to continue to grow sustainably in the years ahead.”

Cruden said its continued focus on the health and education sectors had also led to a number of new projects during the latest financial year, including completion of a new care home at Pinkhill at Corstorphine in Edinburgh, ongoing care home construction work at Balcarres Street and Trinity in Edinburgh, and at Mill Wynd in Haddington.

Student accommodation projects have been delivered in both Glasgow and Edinburgh, the firm added.

As part of the City Legacy consortium, Cruden won a Queen’s Award for Enterprise for the Commonwealth Games Athletes’ Village.