Bancon Group has announced robust results for the year ending 31 March 2018.
The independent Aberdeenshire housebuilder and construction group has seen a 25% increase in turnover to £69million from £55million in 2017 and a return to profit, ahead of forecast.
The group achieved pre-tax profits of £151,000, up from a loss of £1.2million in 2017 due to strong performance of both its homes and timber frame businesses.
Bancon Homes has doubled its activity from the previous year despite the challenging North-east housing market, and Deeside Timberframe, which manufactures and supplies timber frame home kits throughout the UK, delivered record turnover of £25million.
Bancon Construction returned a small profit, despite incurring significant costs in relation to legacy contracts, which is a marked improvement on the previous year.
John Irvine, Chief Executive of Bancon Group, commented: “It is very positive to see the Group’s strategy delivering ahead of the anticipated results. While the North-east housing market remains challenging, we are encouraged by the strong forward sales levels we’re currently experiencing.
“The improvement in trading performance at Bancon Construction, vindicates the strategy of focusing on quality work, on which we embarked two years ago and the strengthening of its management team.”
The group anticipates an even stronger performance in the current financial year across all its businesses.
Investment in factory equipment is underway at Deeside Timberframe to support the current order book which is at a record high.
Meanwhile, Bancon Homes will deliver more than 170 new homes this year with the latest, Kinion Place in Aberdeen, expected to start in July. Bancon Homes was recently boosted with a gold service award for 98% customer satisfaction following independent research by Inhouse.
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