Strong occupational and investor demand in Aberdeen has helped property firm Ryden to a big jump in turnover and profits.
Ryden yesterday reported a strong year, with turnover up by 17% to £13.2million during the 12 months to April 30.
Its latest accounts also showed a near-50% increase in pre-tax profits to just over £6million, cash holdings of £3.9million and no borrowing.
Bill Duguid, who took over as managing partner last year and is based in Ryden’s Aberdeen office, attributed the year-on-year progress to a 38% rise in transactional business.
He added: “This, coupled with the continued strong performances in non-transactional work, is fuelling the firm’s growth.”
Turnover from Ryden’s Aberdeen office was up by 32% during the year, with branches in Inverness and Edinburgh growing their business by 21% and 20% respectively.
Mr Duguid said: “We have already exceeded our three-year growth targets after two years.
“The key to our success is undoubtedly in the strong and experienced teams we have maintained in each city.
“We resisted the significant staff cuts adopted by some of our larger competitors during the recession and I believe this is paying dividends for us in the high quality of work we are now winning.”
He added: “The next five years will be a very interesting time in the UK economy, with a number of major political events and changes to come.
“But I firmly believe it will be a good time to continue to grow our business, particularly in the north of England.
“We are currently looking at plans to do this which we hope to announce in the next six months.”
Ryden has 32 partners and 110 staff across six offices in Edinburgh, Glasgow, Aberdeen, Leeds, Dundee and Inverness.
The firm has been behind some of the biggest commercial property deals in Scotland in recent times, including substantial sales at the Prime Four business park in Aberdeen.
It has also been successful on the industry awards scene, scooping 45 prestigious accolades this year alone.
In its latest Scottish property review, Ryden said uncertainty over the independence referendum had dragged on Scotland’s main markets into the autumn.
It also said the previously buoyant office market in Aberdeen was now in a slump amid fears over oil prices and North Sea offshore operators trying to slash costs.