Muir Group, the Fife-based housebuilder, property developer and contractor, reports a £1 million profit for 2020/21.
Muir Group reports a turnover of £63 million for the year ending January 31 2021.
That is a ninth consecutive year of profitable trading, though turnover has fallen from its 2020 figure of £88m.
The Inverkeithing group has significant projects planned across its divisions, including Muir Timber Systems and Muir Homes.
Expansion of operations in the central belt is on the agenda as the company looks for further land opportunities.
Pipeline activity levels for 2021/22 look strong as the firm expands its activities to working with commercial and residential clients.
Muir continues to win major construction contracts and has a significant land bank available for future developments.
Muir Construction turnover increased to just under £39m, up by over £2.9m on last year.
It has recently completed a 150,000 sq ft logistics facility at its 26-acre Glasgow Business Park.
It is expanding activities on further sites in Glasgow and the central belt, with construction starting in the new year.
Muir Group turnover increased
Muir Timber Systems returned a profit of £40,000 despite a decreased turnover of £4.4m from £7.4m.
The turnover figures reflected the halting of production during the lockdown period and the reduced staff numbers due to furlough.
Housing revenues for Muir Homes reached £26.5m despite the impact on the building sector meaning house completion dropped to 134 – a drop of 68.
Despite that, Muir Homes reported a profit of £586,000.
It aims to create 155 houses this year and is active on seven sites across the country.
Muir Group chairman John Muir says: “These results are a robust response to a challenging and unprecedented year for the construction sector.
“The pandemic had a significant impact on revenues and operations.
“However, Muir Group reported another profitable year, that is an achievement I am very proud of.
“Overall group profits of £1 million is a credible performance in such difficult conditions.
“Looking forward, on the trading front we have made a positive start to the year with a significant pipeline of activity planned and a strong balance sheet.
“Overall, the group is in good shape, continues to win major construction contracts, has a good land bank, has strength in identifying development sites in the right locations for the right markets, which will significantly enhance future results.
“We are focused on further growth in the central belt and are keen to identify sites for commercial and residential development there.”