Aberdeenshire housebuilding and construction firm, Bancon Group, doubled its profits in the year to the end of March on a 13% rise in turnover to £110.7 million [2024: £97.7m].
Pre-tax profit came in at £2.6m from £1.3m in the previous financial year against strong headwinds.
The company’s chief financial officer Andrew Tweedie said it had made a positive start this year, with strong sales across homes and timberframe businesses as well as a significant contract win in our retrofit construction business.
Founded in Banchory in 1975, Bancon Group now employs 250 people across its trading divisions: Bancon Homes, Bancon Construction and Deeside Timberframe.
The company said that “while the impact of uncertainty around geopolitical events and UK policy announcements had an impact on purchaser appetite post-Christmas, visitor levels and sales have recovered since that point and this momentum has been maintained into the new financial year”.
A continued focus on efficiency along with relative stability in raw material prices allowed margins to be maintained.
Mr Tweedie said: “It is extremely satisfying to be able to report a significant uplift in profits in the year to March 2025. These accounts build on the strong results we achieved last year, despite the range of pressures being faced by the industry,” he said.
“Whilst there has been some easing of the headwinds in certain areas, our sector continues to face challenging conditions which makes our performance over this period all the more notable.
Bellway completions rise
Bellway reported a 14.3% increase in home completions for the full year, as steadying mortgage rates supported consumer demand.
The company reported total housing completions of 8,749 homes for the year ended July 31, compared with 7,654 homes in the prior year.
Jason Honeyman, group chief executive, said: “Bellway has delivered a solid performance despite ongoing headwinds for our industry.
“There was good growth in volume output and an improvement in underlying margin which are set to drive a strong increase in profits for FY25. We have entered the new financial year with a healthy forward order book and outlet opening programme and, if market conditions remain stable, we are well-positioned to deliver further growth in FY26.”
#Bancon #sees #profits #double #headwinds #Daily #Business