North-east builder Chap Group said it was expecting an improvement in the region’s economic conditions as it faced a small decline in turnover and profit in its most recent financial year.
The Westhill-based group said it was “satisfied” with its results in what it described as a “very challenging period for the north-east”.
In a statement the construction and quarry firm said it booked a £759,000 pre-tax profit in the year to September 30. This compared to £1.3million for Chap Holdings in the prior year. Turnover was £36million, down from £37.4million including its share of joint venture income in 2014. The company said staffing levels rose from 185 to 192 in the period.
Hugh Craigie, joint managing director, said: “We are satisfied with the results during what has been a very challenging period for the north-east, whilst recognising there is potential to build on performance as economic conditions improve in the region.
“On the back of a successful 2013/14 we have been able to remain consistent in our approach and are focused on exploring opportunities for growth across the group.”
During the 2014/15 financial year Chap secured a new £20million banking facility with Santander to support its focus on securing development opportunities and land acquisitions for residential and commercial projects.
Mr Craigie added: “Once again we have benefited from the strength of our team. Throughout the business we have expertise which provides the platform for us to plan for the future. In addition to experienced tradesmen and women, we have continued our commitment to apprenticeships and value the contribution all have made during the past year.”
Chap was founded in 1976 by Alasdair Craigie, Ian Harper, Frank Anderson and Ian Philip. The group is still owned by members of their families. The firm operates a quarry on Deeside and a concrete ready-mix plant at Belhelvie. The group’s house building division, Chap Homes, is currently developing sites in Aberdeen, Aberdeenshire and Inverness.