THE Cruden Group has increased profit by 48% to £7.1 million for the year to 31 March 2015 – the 16th year in a row the construction and residential development business has posted a profit.
Group turnover rose by 5.5% to £142.2 million during the same period. Net assets are up 10.5% on the previous year to £35.8 million.
Construction turnover increased by 5% to £129 million, aided by the fact Cruden was part of the City Legacy Consortium which successfully delivered the Athletes’ Village for the 2014 Commonwealth Games in Glasgow.
Kevin Reid, Cruden Group managing director said, “I am pleased to report a year of excellent progress with this strong set of results. With many new projects in the pipeline and a solid order book, combined with our cash positive position, we are well placed to continue to build on our successes through the remainder of this year and well into next.
“The Cruden Group continues to benefit from its balanced exposure to the construction and residential development sectors and whilst economic factors continue to create a degree of uncertainty within the market, the Group is extremely well placed to manage these risks.
“The foundation of our continued success is, and always has been, the excellent people we employ. Retention and recruitment of high quality staff remains one of the Group’s top priorities and investment continues to be made in this crucial area.”
Mike Rowley, Cruden Group chairman added, “The Board is delighted with the progress made by the Group through 2014/2015 with this latest positive contribution continuing a now sixteen year unbroken profitable trading history, which encompassed one of the deepest financial crises in living memory.
“Going forward, we are confident that the Group is extremely well positioned to take advantage of the many new and existing opportunities that are available to us.
“Importantly we have the diversity, experience and acknowledged reputation to continue to operate successfully in a steadily improving, yet still challenging market place, all of which is possible through the skill and dedication of an outstanding management team and expert workforce”.