Muir Group revenues rise but profits fall
Fife-based housebuilder and property developer Muir Group has posted a sharp rise in annual turnover.
Revenues climbed by 39% to £74.7m last year following "increased activity" in both contracting and private housing.
However, a sharp fall in property development activity, particularly in the north east, led to overall pre-tax profits falling from £4.4m to just over £4m.
The Inverkeithing firm described the results as "very positive".
Its construction division saw turnover rise from £25m last year to just under £40m.
It returned a pre-tax profit of £400,000, compared with a £950,000 loss last year.
Housing revenues rose by £5m to just under £30m. Average house prices were £221,000, compared with £195,000 in 2015-2016.
The company's timber systems arm also saw turnover rise from £3.5m to £4.7m, but leisure revenues remained flat at £1.6m.
Meanwhile, property development activity halved in the year, with revenues of £4.2m against £8.6m in the previous 12 months.
The company said activity this year would "depend on timing of transactions and market confidence".
Chairman John Muir said: "This is a very positive set of results and it's encouraging to see turnover increasing significantly across the majority of areas of the business.
"The reduction in development activity reflects continuing issues facing the property market in general, with reduced demand in Aberdeen producing a ripple effect for the north east.
"Looking forward, the group is seeing positives in improved management in construction, housing and leisure to meet changed market conditions."