HOUSEBUILDER Tulloch Homes grew profits around 60 per cent in its latest financial year amid strong market conditions in Scotland.
The company made £12m profit before tax in the year ended June 30, compared with £7.7m in the preceding 12 months.
Tulloch Homes grew turnover by 15% to £49.9m, from £43.4m, helped by a primary focus on the Inverness area.
Noting that Inverness is one of the UK’s fastest-growing cities, chief executive George Fraser said the firm benefited from strong demand in the area for new housing.
“With developments like the dualling of the A9 from Perth and the A96 from Aberdeen in the pipeline the growth of Inverness is likely to continue,” said Mr Fraser, who underlined Tulloch’s appetite for land in the area.It has around 1,240 units with planning consent up from 1,100 last year.
However, he noted that uncertainty about Brexit could impact on consumer confidence and the stability of the housing market.
In December Mr Fraser said Tulloch Homes was interested in expanding in the Central Belt, after reducing its exposure to the area in the wake of the financial crisis of 2008.
He noted that homes on Tulloch’s The Village development at East Kilbride had sold well.
Profits in the latest financial year were boosted by extraordinary gains totalling £3.5m in respect of the sale of a commercial site in Inverness, the refund of pension payments and the release of provisions.
Tulloch sold 187 homes in the year ending June 30 at an average selling price of £208,000.
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