Bancon Group has announced a 33% increase in its homes business alongside a 16% increase in turnover after a strong year for the Aberdeenshire-based housebuilding and construction group.
Turnover was up £18m to £132m and, despite cost inflation and the well-documented headwinds being experienced by the industry, the group delivered operating profits of £4.6m.
Bancon Homes delivered a record breaking year, posting turnover of £68.4m for the year ending March 2023, up from £53.1m in the previous 12 months.
Bancon Construction posted turnover of £35.5m, its best since 2007 and 18% more than the previous year.
Pre-tax profits of £1.8m fell slightly behind the £2.7m reported in the previous year, due to writing down the value of a long-held development.
Commenting on the strong results, Chief Executive Kevin McColgan who joined the Group in September this year, said: “These robust results, with a second consecutive year of increased homes sales, combined with the renewal of our banking facility, demonstrate the success of our current strategies and the confidence in our future prospects.
“Our strong financial position, positive sales performance in the current financial year and strong forward orders means we are exceptionally well-placed to invest in and deliver our growth ambitions even against the backdrop of the rising costs of raw materials and the wider economic uncertainties.”