Scottish property firm Ryden hailed a “remarkably steady” performance in a changing and uncertain political landscape as it reported annual results yesterday.
The company, headed up by Aberdeen-based managing partner Bill Duguid, said it continued to dominate the commercial market north of the border, and had made progress on its longer-term strategy of growing its business in England.
But the firm’s figures for the 12 months to April 30, 2016, reveal a near 25% slide in pre-tax profits to £4.13million, from £5.47million a year earlier.
And turnover was down by 3% to just over £12million, from more than £12.4million previously.
The 2014/15 results were boosted by a £340,000 one-off gain on the sale of the firm’s old headquarters in Edinburgh.
Ryden said its year-on-year comparison was also affected by exceptional costs in the latest period, including its investment in a merger with Leeds-based Hill Woolhouse Property Management.
The deal added substantially to Ryden’s asset management operation, which grew income by 49% in the latest accounting period, and also led to a significant expansion of the Leeds office.
Ryden said its project management arm grew income by 81% following key staff appointments and large project wins.
The firm’s professional group, which provides valuation, rating and rent review services, increased income by 12%.
Mr Duguid said: “Scotland’s economy started to slow during 2015, mainly due to the weakened oil and gas sector.
“This had an adverse effect on our business, which is largely Scottish-based.
“A changing and uncertain political landscape has now also seen those areas not directly affected by lower oil prices suffering a slowdown.
“Given these significantly changed trading conditions and the substantial investments we have made, I believe our performance has been remarkably steady.”
He added: “Our strategy remains, as always, one of investing in our teams of experts, who have exceptional local market knowledge, and continuing to build our strong business in Scotland, whilst further growing our presence in England.”
Ryden has 34 partners and about 110 staff across offices in Edinburgh, Glasgow, Aberdeen, Dundee and Leeds.