A housebuilding firm halved its losses this year following a “major improvement” in trading performance.
Accounts lodged with Companies House show Stewart Milne Group increased turnover from £209.2 million to £240.5m, while operating profits grew from £622,000 to almost £7m for the year ended June 2017.
Revenues from its homes divisions in central Scotland and north-west England and its timber systems business significantly increased compared to the previous year, as part of the group’s strategy to invest in areas with the greatest potential for growth.
The figures show an overall loss before taxation for the year of £13.7m, compared to £26m in the previous financial year.
Glenn Allison, chief executive of Stewart Milne Group, said: “Our overall confidence in the recovery in the North-east housing market is exemplified by our flagship development at Countesswells. This £1 billion investment in a whole new community, in a sought-after location to the west of Aberdeen, is really taking shape.”