Cruden increases turnover and nearly doubles pre-tax profit

Scottish firm Cruden has increased its turnover and posted a 92% increase in pre-tax profit.

The Edinburgh-based housebuilding and construction company in its accounts reported turnover of £133.6m for the year to 31 March, up 19% on the £112.3m it reported the previous year.

The group increased its completions by 22%, from 121 to 148, although its average selling price fell from £347,000 to £311,000 which it said was due to the mix of units sold.

The group, which is pivoting away from tendered construction work towards doing its own land-led development and partnership working with social landlords, nearly doubled its pre-tax profit from £2.4m to £4.6m.

It said: “Progress has also been made in securing the land supply required to deliver activity and improved profitability in future years.

“The group has a strong pipeline comprising approximately 3,500 units across both private and affordable projects at varying stages of the development process.”

It added: “The group has been successful in its strategy to focus on land-led construction opportunities and partnership working projects in the affordable housing sector.”

The group operated nine land-led and partnership construction projects during the year, with a pipeline that could see a further 12 projects start on site in the year to March 2027.