Building firm cements its position with rise in profits

An impression of the Strathview Rise development at Forfar
An impression of the Strathview Rise development at Forfar

Major Perthshire construction group Hadden has declared a “satisfactory” year of trading after posting an increase in turnover and profits.

Accounts newly published at Companies House show the Aberuthven-based group saw strong revenue growth in the year to March 31.

Turnover increased by £4.7 million to £22.37m in the year, up from £17.6 million in 2015.

Pre-tax profits were also ahead at £793,256, an uplift of more than £110,000 on the previous year’s outcome.

After tax, profits for the year came in at £625,462, up from 2015’s result of £550,537.

In his directors’ report , company secretary Ronald Horne said the outcome for the year was “satisfactory” and the group entered the 2017 financial year in a healthy financial position with a strengthened balance sheet and “positive” short term prospects.

Mr Horne said: “The controlled increase in turnover was due to improvement in activity in the industry in general, and allowed the company to further invest in personnel and land for development .

“The marginal decrease in gross margin and operating profit percentage is a reflection of this investment.”

Mr Horne said the company – which employed an average monthly workforce of 77 in the year – had benefitted during the year by a general upturn in the private housing sector.

“The company’s core business is the construction and refurbishment of major public sector and commercial buildings and the development and construction of speculative housing for sale, together with new affordable housing for the public sector,” he said:

“The speculative housing sector’s recovery has allowed the company to progress completion of dwellings their existing land bank, and purchase a further site for mixed housing development.”

The company is involved in a wide variety of projects with its general works team having completed a number of high-profile contracts in recent months including the refurbishment of the Moray Institute at Blackford and the upgrading and re-roofing of the South Inch Pavilion in Perth.

An 11-property affordable homes development in Alyth for Perth and Kinross Council was officially opened in August and the group is currently working on a number of school projects.

In November, Hadden announced it had struck a deal with Vista Properties to develop the £4 million Strathview Rise site on the outskirts of the town.

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