For the 10th year in succession the Stewart Milne Group has seen significant profit growth.
Record pre-tax profits of £20m have been announced for the year ended June 20, 2005, with turnover in that period increasing 15% from the previous year to £217m.
Chairman and chief executive Stewart Milne said the company had increased its land bank to help develop expansion plans south of the border.
The Homes Division has performed strongly despite a slower market and the company’s central belt operations turnover was £78.3m, an 11% increase on last year. The northern operations turnover of more than £65.4m was an 18% increase on last year.
The Timber Systems operations saw a 13% growth in Aberdeen and a 25% increase in turnover in Oxford, while the company’s Construction and Developments divisions both have solid order books for the coming year.
Mr Milne said the group wants to expand its geographical operation and is now entering phase two of a three-phase approach which will lead it to establishing a new homes operation in England within the next 18 months.
Stewart Milne is aiming to double the size of the group by 2010 and as part of that plan 300 managers have attended a bespoke training programme in conjunction with Cranfield University School of Management.
In order to utilise its land bank, the company is also calling on the Scottish Executive to speed up the planning process, maintaining that the length of time it takes to secure planning directly drives up house prices.
