North-east housebuilder Stewart Milne Group (SMG) expects new developments in Aberdeen, England and potentially the Highlands to help double the scale of the business over the next three years.
The growth forecast comes after a return to the black for the company in the year to June 30.
Founder and executive chairman Stewart Milne told the Press and Journal the prospects for the company were good amid a continued recovery in the UK housing market.
Turnover in 2013/14 totalled £209.7million, which was down slightly from the year before after contract delays hit the group’s timber systems business.
But pre-tax profits of £3.01million were a major turnaround after losses of £5.67million last time.
Mr Milne, whose role has changed since the year-end, with Glenn Allison becoming chief executive in a boardroom reshuffle announced in August, said future growth would come from a continued push into the English market as well as new projects in and around Aberdeen.
But he also revealed that Westhill-based SMG has Inverness in its sights.
“That is definitely something which will be determined over the next six to nine months,” he said.
SMG already has plenty to keep it busy closer to home, with major developments in Aberdeen expected to deliver thousands of new homes.
City councillors recently backed controversial plans for a £700million, 3,000-home development, involving SMG and north-east businessman Ian Suttie, at Countesswells despite concerns about traffic.
The 15-year project would be the size of Huntly once completed and includes two primaries and a secondary school, shops, leisure facilities and land for employment use.
SMG also hopes to start redeveloping the site of the Marcliffe Hotel at Pitfodels after it closes next year under £80million plans for 190 flats, mainly at the top end of the market.
It acquired the site after earlier plans tabled by Gibson McCartney for a £90million office complex were withdrawn.
In its latest accounts, SMG said operating profits rose by more than 110% to £14.1million during the year to June 30.
The firm also said its timber systems division had seen 70% growth in orders over the past year, thanks to a large increase in contracts from major housebuilders.
“With a strong balance sheet and a renewed bank facility with Bank of Scotland through until September 2016, Stewart Milne Group is in a strong position to capitalise on the growth opportunities it has been working on in the last few years”, it added.
Mr Allison said: “These results underline our position as one of the UK’s leading independent housebuilders.
“We are a profitable, financially robust, sustainable business with a corporate strategy focused on growth. The opportunities we have been working on, coupled with increasing market confidence, will ensure that we achieve our plan of doubling our turnover and our business activity.”