Latest accounts for the year ended March 2023 show group turnover was up £18m on the previous year to £132m while pre-tax profits dipped to £1.8m from £2.7m as a result of writing down the value of a long-held development.
The record level of activity in the year for Bancon Homes delivered turnover of £68.4m compared to £51.3m last time as the division successfully brought forward future phases of its developments in Aberdeen and Aberdeenshire and started on two new developments in the Central Belt during the period.
Turnover at Bancon Construction was £35.5m – 18% ahead of the previous year and profits before tax were the highest reported since 2007 thanks to structural changes and tight margin control.
The Deeside Timberframe division maintained activity at a similar level to the previous year with turnover of £28m compared to £32.6m.
Chief Executive Kevin McColgan who joined the Group in September this year, said: “These robust results, with a second consecutive year of increased homes sales, combined with the renewal of our banking facility, demonstrate the success of our current strategies and the confidence in our future prospects.
“Our strong financial position, positive sales performance in the current financial year and strong forward orders means we are exceptionally well-placed to invest in and deliver our growth ambitions even against the backdrop of the rising costs of raw materials and the wider economic uncertainties.”