Fife-based housebuilder, property developer and contractor Muir Group has reported a £22 million sales rise despite a challenging year.
The Inverkeithing group’s sales rose to more than £84m, up from £63m the year previous.
The figure is also nearer the group’s 2020 figure of £88m.
The group has significant projects planned across its divisions, including Muir Timber Systems and Muir Homes.
It will also mark 50 years in business next year.
However, due to challenges facing the sector – including margins being squeezed and skills and labour shortages – the group reported a pre-tax loss of £4.3 million.
Construction business posts strong results
Muir Construction turnover increased by £7 million on the previous year.
The positive result was due to the completion of business facilities in Glasgow and the central belt.
The construction arm of the business also has a healthy order book for the year ahead.
Meanwhile, Muir Timber Systems also had a busy year, with turnover increasing by £3m.
Its production has returned to pre-Covid levels following removal of pandemic-related restrictions.
Results for Muir Homes were, though, “significantly impacted by the pandemic”.
That is despite a £12m increase in turnover.
Issues identified in assessment of expected margins on current sales and a challenging property market all contributed to a loss for the financial year.
Muir Homes is currently active on seven sites across the country.
It aims to create hundreds of homes in the coming year.
Legacy of Covid pandemic for Fife firm
Chairman John Muir said: “We have a dedicated team working hard in very difficult and challenging times.
“The pandemic is over, but its legacy continues with price increases in raw materials, delays in the supply chain and a significant lack of skilled labour to support the construction sector.
“Despite all these challenges and more likely in the coming years, Muir Group is well positioned for the future.
“We have made difficult decisions, particularly in rebuilding our revenue profile within Muir Homes and positive it will show healthy profit for future years.”
Looking ahead to Muir Group’s 50th year
He said there are opportunities ahead as the group prepares to celebrate its landmark anniversary next year.
“Looking ahead to our 50th year in business next year, we see opportunities for the group.
“The construction industry in Scotland is flat out trying to regain lost ground.
“We are having to overcome these difficult conditions.
“Our increase in turnover, healthy cash balances, property and land assets put us in a good place to compete and contribute positively to Scotland’s economic recovery.”
Conversation