Sir Jack Harvie poised to enjoy property recovery

Former Tory donor Sir Jack Harvie said his CBC Construction & Property Group is well placed to take advantage of improving market conditions after its pre-tax profits recovered last year.

The firm said it made £329,000 on a turnover of almost £38 million in the year to the end of March.

It compares to a profit of just £8,000 in its previous accounts, which covered 17 months due to a change in the group’s reporting period.

Harvie said: “The directors believe the group is well placed to take advantage of any improvements in market conditions and already has confirmed orders in place for the forthcoming year exceeding 2013 turnover.”

He said the main risk remained the “exceptionally competitive” nature of the market segment in which it operates.

CBC had to slash management pay as sales and profits tumbled amid the housing downturn. Last year total directors’ remuneration was just under £874,000, compared to more than £1.7m in the preceding 17 months.

The group, founded by Harvie in 1971, also paid a much smaller dividend to its owners, handing over £650,000 as apposed to £1.8m at the same point in 2012.

The firm was involved in designing and building Glasgow Business Park and recently completed Dundyvan Industrial Park in Coatbridge.