A continuing management strategy to return its focus solely to housebuilding has boosted the balance sheet at Inverness-based Tulloch Homes Group.
The company said it had also been helped by a “robust” residential property market as it released results for the 12 months to the end of last June showing pre-tax profits rose 13% to £7.7million from the previous year, although turnover dipped to £43.5million from £45million over the period.
While the firm built 21 fewer homes in 2016-17 than in its previous financial year – a total of 180 – their average price rose by £7,000 to £210,000.
The 90-year-old business, bought by its management from investment banking and private-equity owners three years ago, employs more than 150 people, mainly in the Highlands.
Chief executive George Fraser said: “Our measured investment in suitable sites, combined with low interest rates and a relatively stable economy in our primary areas of activity, have contributed to another positive year for the firm.
“We are also in the final stages of our non-core asset disposal programme, which we set out at the time of the management buy-out to focus on returning the company to being purely a housebuilder.
“That has contributed to a significantly strengthened balance sheet and puts us on a strong footing for continued investment in the years ahead.”