Stewart Milne Group posts strong results
7 January 2019Stewart Milne Group has reported strong results, which have seen the business deliver a second successive year of turnover and profit growth.
The independent housebuilder and timber systems manufacturer has posted a £40m increase in turnover, from £240.5m to £279.2m for the year ended June 2018. Operating profits doubled from around £7m to £14m in the period.
The group’s homes building business delivered another year of growth, driven by continued strong performance in its housing markets in north-west England and central Scotland. The business delivered 833 units in the year across its three homes divisions and grew turnover by £39m to £228m.
Stewart Milne Timber Systems also grew revenues, however, the adverse weather conditions which affected the UK construction sector in March 2018, mean that the full impact of the increased sales coming from strategic customers will not be felt until the next financial year.
Glenn Allison, chief executive officer of Stewart Milne Group said the continued growth in turnover and profit at Stewart Milne Timber Systems reinforces the importance of the strategic, long-established relationships with major UK housebuilders in meeting the rising market demand for off-site construction.
