The Stewart Milne Group has returned to profit, which the executive chairman said reflected the underlying robustness of core operations.
The Aberdeen-based housebuilder has turned a pre-tax loss of £5.7 million in 2013 into a £3m profit in the year to June.
Revenue from continuing operations was up 2% at £209.7m, with a gross margin up 3% at 24%. Operating profit of £14.1m was an increase of 110%.
Reservations are ahead of forecast, but founder Stewart Milne was frustrated that market demand was constrained by planning delays.
The homes division’s turnover of £187.4m was up £10.2m, and further growth is expected from new developments across Scotland and in north-west England.
