AN ABERDEENSHIRE housebuilder has reported pre-tax profits up five-fold in a robust package of results.
Bancon Group has announced robust results for the year ending March 31, 2019, which it said further builds on its return to profit last year.
Turnover at the independent housebuilder and construction group increased by 34 per cent from £69 million, in the previous financial year, to £92m this year.
The group reported pre-tax profits of £780,000 for the year, up from £151,000 in 2018. It said it is the third consecutive year of improvement in profits across all its businesses.
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Bancon Homes has almost doubled unit sales and opened three new developments which the firm says will underpin activity in the year ahead and provide a balanced portfolio of current and future developments.
Its Deeside Timberframe business has capitalised on strong market demand and its wider geographical spread. As a result, the timberframe manufacturer has delivered a record turnover of £30m.
Meanwhile, trading performance at Bancon Construction has continued to improve following the strategy put in place by new management to pursue more profitable work with a focus on margins and cost control.
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John Irvine, chief executive of Bancon Group, said: “Successful delivery of our long-term strategic plan has enabled us to achieve these positive results.
“Our homes business has performed very well in what continues to be a challenging market in the north-east.
“A strong start to the current financial year with forward reservations and sales rates ahead of this period in the previous year, mean we are on-track to achieve a significant increase in profitability.
“The outlook is equally positive for our timberframe business which, as well as benefitting from increased demand, boasts high levels of repeat business from existing customers. With a strong, forward order book, we are confident in continuing this positive position.
“Finally, it’s pleasing to see that our focus on going after profitable contracts has seen our construction business achieving controlled growth and higher margins.
“The outlook for this new financial year is also positive with a healthy sales pipeline and orders already secured.”
Bancon Homes has been building homes for more than 25 years and continues to expand its presence across the region.
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