THE Duke of Buccleuch, one of Scotland's biggest landowners, has seen his family's company return to profit after making progress in the property, tourism and energy markets but noted political uncertainty in the country.
The latest accounts for Buccleuch Estates filed at Companies House show the firm made £1.7 million pre-tax profit in the year to 31 October after losing around £600,000 in the preceding year. The group cut debt by £13m to £137m.
Writing in the accounts the 10th Duke noted: "The political climate in Scotland during 2014 was dominated by the Scottish independence referendum and although there was a decisive result in favour of remaining within the UK the issue does not appear to have been resolved." He added: "While the broader UK economic outlook looks to be improving, political instability continues to hinder progress in Scotland."
The report was signed off on 26 March, before the Scottish National Party won 56 of the 59 seats in Scotland in the UK General Election in May.
The duke is waiting to see final details of proposed land reforms that will be contained in a bill the Scottish Government is expected to publish in coming weeks.
He concluded in the report: "Despite the difficult political climate in Scotland, the business is well-positioned to deliver on some exciting opportunities."
The duke noted the company, which has extensive property interests, had benefited during the latest year from an increase in asset values in the sector amid growing demand.
Visitor numbers at the family's estates, which include Dalkeith Country Park, were maintained and the volume of pre-booked tours increased.
The energy division is working on a growing portfolio of renewables projects. However, the Duke wrote that the fall in the crude price and political unwillingness to support unconventional gas opportunities had impacted prospects for hydrocarbon projects. Buccleuch Estates is working on plans to produce coal bed methane at Canonbie in Dumfries and Galloway.
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