We are delighted to announce very positive results for our financial year end, with a 48 per cent increase in turnover and profits before tax up 78 per cent. All areas of our Group have performed solidly and our newest divisions have seen strong growth, further establishing themselves in diverse market areas including social housing, timber frame and commercial property.
Below are a few highlights from the year:
• Homes – Settlements were on target at 108 units and forward sales for 2014 are at 84 per cent of target.
• Timber Systems – Profits were £50,000 above forecast and turnover more than doubled.
• Contracts – Significant growth saw profits break the £1m barrier, an increase of 73 per cent year on year.
• Commercial Property – Completed retail developments are providing steady rental income and future sites are under construction pre-let.
• Strategic Land – We have increased our English land bank to almost 1,200 acres and gained consent for 400 units in Cheshire.
Other standout moments in the year were the launch of our flagship Polnoon development in Eaglasham, which encapsulates a new design approach for a better quality living environment, and several award wins including House Builder of the Year, Best Employer and Best Green Initiative at the 2013 Homes for Scotland Awards, and our site managers Stuart Gillespie and Mike Loughran won Quality and Health & Safety Awards from the NHBC.
It is heartening to see the market slowly finding its feet again, with the Help to Buy scheme bringing welcome incentive to further stimulate the market. This boost of activity combined with the steady growth of our Group of businesses and our continued diversification into new markets will stand us in good stead for future success.