MURRAY Capital Group, the Edinburgh-based metals, property, wine, and investment company, has reported its “best set of results for a number of years”, accounts filed at Companies House today show.

The family business, now majority owned and run by David and Keith Murray, sons of former Rangers owner Sir David Murray, has reported a pre-tax profit of £12.8 million for the year to June 30, a 31 per cent rise on the year before.

The company said the results were driven by improved trading at its metals division, comprising Murray Steels and Hillfoot Steel, which both had record years of profitability, as well as the sale of 12 acres of consented land at Ratho Station, near Edinburgh, to Taylor Wimpey.

Overall turnover at Murray Capital leapt by 11% to £92.8m.

READ MORE: Sir David Murray hands over control of family business

The increase in profits helped shareholders’ funds grow year-on-year to £43.9m from £35.5m.

Sir David passed control of the company to his sons in March of last year under a planned transition of ownership. The veteran Scottish businessman continues to chair Murray Capital and holds a minority interest in the company.

David D Murray, managing director, said: “We are very pleased to post our best set of results for a number of years, although we do so with our feet planted firmly on the ground given the cyclical nature of our businesses and the current economic uncertainties in UK and global markets. The performance of the metals business is particularly encouraging, given the investment we made in restructuring that business during 2020.

“The current financial year has also started well, with encouraging trading results in the first quarter, although we are mindful of the wider economic turmoil and the general sense of nervousness about the year ahead.  

“Being family-owned, with no external third-party debt, allows us to take a long-term and patient view, which we believe will be necessary as the cost of money increases and higher inflation continues to impact the environment in which we operate. We remain optimistic though, and will continue to focus on the things we can control and to build on the solid foundations we have developed across the group over many years.”

The period covered by the accounts saw Murray Capital invest in Wavegarden, a £55m project to build Scotland’s first inland surfing destination on the outskirts of Edinburgh. In April it sold its longstanding investment in Capito, an IT services business, to XMA, one of the UK’s largest IT resellers.