INVESTING in the delivery of 152 apartments making up the residential element of the £1 billion St James Quarter in Edinburgh, a major new housing development in the east of the country and “exceptional demand” in the west are among the highlights in a “robust” set of results from the Cruden Group.
The group, one of Scotland’s largest independently owned and longest established residential development and construction businesses, said it is “continuing to develop its activities and boost housing delivery in a bid to tackle the country’s chronic undersupply of housing”.
It reported turnover for the year to March 2020 of £227.5 million, against £191.7m the previous year, and recorded 21st consecutive year of profitable trading at £6.6m, against £5.4m in 2019.
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It said that although the lockdown period and resulting loss of productivity will also affect the current year’s financial performance, it is “confident of delivering another year of profit and, through effective cash management, is well placed to continue to invest in its core operations looking forward”.
The total volume of new houses that Cruden will deliver this year was described as notable,as it aims to complete around 1,500 new homes. Cruden is currently building on over 50 active sites and the group is one of Scotland’s major employers, with approximately 600 direct members of staff, including 72 apprentices and a further 1,000 operatives on Cruden sites employed by sub-contractors in the Group’s supply chain.
It also hailed being appointed as main contractor on eight new affordable housing developments delivering 413 homes in the west of Scotland since lockdown ended.
It said it has started construction and sales in Longniddry, bringing the number of homes under development in East Lothian to 230, including at Aberlady and Old Craighall.
In the west, Cruden Homes’ Cathkin View development of 98 homes, has seen “exceptional demand with forward sales already being taken for future phases”.
Kevin Reid, Cruden Group chief executive, said: “We will be placing more emphasis on mixed and sustainable housing communities, including combinations of affordable, build to rent and private sale housing, along with multi-purpose commercial and retail space.”
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