THE Cruden Group has reported a ‘solid’ set of financial results for the year ending 31 March, 2024 – including turnover of £132 million, profit before exceptional costs of £2.6 million, and an increased net asset value of £40.7 million.
The business decided last year to restructure its construction operation to focus on land-led opportunities and partnership working projects. This change has ‘significantly reduced’ the group’s reliance on competitively tendered housing projects.
Cruden revealed its private housebuilding arm delivered another successful year ensuring profitability from a ‘strong’ sales performance. The group also made progress in securing the land supply to deliver future years’ activity and is currently delivering seven separate private housing developments, spanning Scotland’s central belt. Over the coming months, Cruden will be bringing more new private developments to market, in the south side of Glasgow, East Lothian and north Edinburgh.
The group has increased net assets of £40.7 million and holds cash reserves of £15 million at year end, together with undrawn revolving credit facilities of £9 million.
Significant affordable affordable housing projects Cruden is currently delivering include:
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Working with Edinburgh City Council to build 142 net zero affordable homes at Silverlea in North Edinburgh.
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Working with the Scottish Borders Housing Association (SBHA) to deliver the largest new-built project the association has carried out to date, bringing 70 affordable homes to the former site of Howdenburn Primary School in Jedburgh.
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Working with Midlothian Council to deliver a mix of 75 flats, cottage flats, and houses in Gorebridge, including extra care and accessible units.
Kevin Reid, executive chairman of the Cruden Group, said, “The strategic changes we implemented last year have been a success. By concentrating on development and using that expertise to service all tenures of the market, including private and affordable, we have reduced our reliance on traditional high risk, low margin tendered projects and are consequently better equipped to continue our delivery of high-quality homes across Scotland.
“We are also closely monitoring the fledgling build-to-rent sector, and when the legislative and investment landscape becomes more favourable, Cruden will be well positioned to meet the increasing demand in this market. Thanks must go to the professionalism of all our people who have dealt with this period of change whilst continuing to deliver a high quality of service to our clients across all market sectors.”
