HOUSEBUILDER Cruden has reported a rise in pre-tax profits to £4.4 million for the year ended 31 March 2025.
The firm posted a ‘temporarily reduced’ turnover of £112 million following its strategy of shifting away from competitively tendered construction towards land-led development and partnership working. This is said to have resulted in a ‘more disciplined’ business model, with improved profitability and operational resilience.
Profit before tax and exceptional items from continuing activities increased from £2.6 million in the previous 12 months. The group’s net asset value grew from £40.7 million to £42.6 million, while cash reserves strengthened to £18.4 million, supported by an undrawn £9 million revolving credit facility.
During the period under review, Cruden’s core housebuilding activity scaled substantially, with homes sold increasing from 51 units in 2024 to 121, reflecting strengthened delivery of private housing. The group has also continued to secure land to support future growth, with several new developments planned to open during the current financial year across both private housing and land-led affordable projects.
In November, Cruden received an investment from growth capital investor BGF, designed to accelerate the firm’s development programme, bring forward major sites from its landbank, and unlock new opportunities to deliver ‘high-quality sustainable housing at scale’ across Scotland’s central belt and key regions.
Euan Haggerty, chief financial officer of Cruden, said, “This year’s results clearly demonstrate the benefits of the strategic changes we have made. By refocusing the business on land-led development and partnership working, alongside our core delivery of private housing, we have significantly improved the quality of our earnings and strengthened Cruden’s balance sheet.
“BGF’s backing is a powerful endorsement of our strategy and provides additional momentum as we look to accelerate delivery on key sites and bring forward sustainable housing at scale. While market conditions remain challenging, Cruden is well positioned to manage risk, invest for the long term and grow sustainably across all tenures.”
