Scotia Homes sees its profits halved

PROFITS at Peterhead-based Scotia Homes halved last year as “difficult” conditions continued in the housebuilding sector.

Accounts filed at Companies House show pre-tax profits fell to £2.1 million in the year to 30 April from £4.2m, despite turnover edging up to £30.1m from £28.3m.

The directors said the results were “satisfactory” given market conditions and that they were on course to return a profit in the current financial year. But they warned that they were being hampered by slow planning decisions and a lack of mortgages for first-time buyers.