Inverness-based Tulloch Homes Group posts pre-tax profits of £8.8m; boss of the Highland construction firm delighted
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CONSTRUCTION company boss George Fraser has said he is very happy with the performance of Inverness-based Tulloch Homes Group after it posted pre-tax profits of £8.8 million.
This figure, for the year ended June 30, 2019, was realised on a turnover of
£51.1 million, up 2.4 per cent on last year’s £49.9 million.
The private housebuilder, which is developing sites in Aberdeen and the central belt as well as the Highlands, also saw 16.4 per cent increase in its net assets to £60.2 million from the 2017-18 figure of £51.7 million. Its net cash balance is also up 32.1 per cent from £15.9 million to £21 million.
Although pre-tax profits show a fall from the £12 million realised in the previous term, the higher figure was partly based on £3.5 million of additional income raised by the sale of a commercial site in Inverness together with a pension refund and the release of other assets. Taking that figure into account, Tulloch has seen profits on its day to day operations rise by 3.5 per cent.
Chief executive George Fraser said: “We are very happy with the strong financial performance of the business over the last 12 months. The figures both in this period and over the last number of terms is a result of hard work from all our dedicated employees and wider supply chain, together with a quality landbank acquired over many years.
“Looking forward, we expect the housing market to remain relatively stable throughout the coming year and as a result anticipate unit numbers and volumes to be consistent with the current year.
“We’re proud to be a company that contributes to local prosperity, employing 158 people mainly in the Highlands, and supporting over 600 jobs when our regular sub-contractors are taken into account.”
The company’s main focus is on Inverness, one of the UK’s fastest-growing cities. Mr Fraser said he expects this growth to continue, in part thanks to developments such as the dualling of the A9 and A96.
