The Cruden Group, one of Scotland’s largest independently owned and longest established residential and construction businesses, reported their financial results for the year to 31 March 2024. The Group achieved a solid set of results including turnover of £132 million, profit before exceptional costs of £2.6 million and an increased net asset value of £40.7 million.

Cruden has been in business since 1943 and took the strategic decision last year to restructure its construction business to focus on land-led construction opportunities and partnership working projects. This strategic change has significantly reduced the Group’s reliance on competitively tendered housing projects.

In line with this strategy, the Group has maintained a robust construction operation making a significant contribution to the housing sector in terms of the number of new homes built across Scotland.  Since financial reporting completed in March this year, Cruden has already secured three major new construction projects procured in this way with a total contract value of over £62 million.

Cruden’s private house building arm delivered another successful year ensuring profitability from a strong sales performance. The Group has also made good progress in securing the land supply to deliver future years’ activity and is currently delivering 7 separate private housing developments, spanning the Central Belt of Scotland.  Over the coming months, Cruden will be bringing more new private developments to market, in the south side of Glasgow, East Lothian and north Edinburgh.

The Group has also maintained its strong capital base with increased net assets of £40.7 million and holds significant cash reserves of £15 million at year end, together with undrawn revolving credit facilities of £9 million.  This underpins the stability of the financial platform for the Group’s future operations.

Significant affordable affordable housing projects that Cruden are currently delivering include:

• Working with Edinburgh City Council to build 142 Net Zero affordable homes at Silverlea in North Edinburgh.
• Working with the Scottish Borders Housing Association (SBHA) to deliver the largest new-built project that the association has carried out to date, bringing 70 affordable homes to the former site of Howdenburn Primary School in Jedburgh.
• Working with Midlothian Council to deliver a mix of 75 flats, cottage flats, and houses in Gorebridge, including extra care and accessible units.

The private house building arm, Cruden Homes maintains a significant sales presence across the following locations:

• Birchwood Brae (Wallyford), Cleddans Grove (Glasgow), Hawkhead Mews (Renfrewshire), Wellwater Grove (East Calder), West Craigs Green (West Edinburgh).
• At Barnton Avenue West, the Group is completing a luxury, age-exclusive development on the northern boundary of the Burgess Golf course.
• Work is well underway on the second phase of the Group’s multi award winning development at Longniddry Village.

Commenting on the Group’s operations, Kevin Reid, Executive Chairman of the Cruden Group said:

“The strategic changes we implemented last year have been a success. By concentrating on development and using that expertise to service all tenures of the market, including private and affordable, we have reduced our reliance on traditional high risk, low margin tendered projects and are consequently better equipped to continue our delivery of high-quality homes across Scotland.

“We are also closely monitoring the fledgling build-to-rent sector, and when the legislative and investment landscape becomes more favourable, Cruden will be well positioned to meet the increasing demand in this market.

“Thanks must go to the professionalism of all our people who have dealt with this period of change whilst continuing to deliver a high quality of service to our clients across all market sectors.”