ELLON-based Scotia Homes has declared it defied difficult trading conditions across the north-east of Scotland to increase profits in its most recent financial year, writes Scott Wright.
New accounts show the housebuilder grew profits by nine per cent to £3.55 million in the year ended April 30. The company said it completed 169 units over the period, in line with the previous year, as turnover edged up to £35.4m from £35.1m.
Managing director Martin Bruce said: “The local market in Aberdeen and NE [north east] Scotland remains difficult as we are now in year five of the oil and gas downturn. The uncertainty surrounding Brexit and other political events have undoubtedly also impacted the housebuilding sector and confidence remains fragile.
“We have the ability to adapt to market conditions and, mindful of the continuing volatility, we have adopted a prudent approach, and are aligning overheads to ensure sustainable long -term profitability.”
Mr Bruce said house prices have “continued to fall” in 2019, despite some “transactional recovery” in the north-east. He noted that property agents expect prices to continue to fall next year, “albeit at more modest levels”, because of the number of properties available and flow of consented developments.
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