Scottish builder Miller Group said yesterday demand for new offices in Aberdeen was likely to slow down this year as tougher economic conditions make companies think twice about moving.
The Edinburgh-based group’s pre-tax profits rose 233% to £34.6million in 2014 as a strong performance by its homes division lifted revenue to £484.4million.
The firm’s developments arm, which has a large portfolio of office space in Aberdeen, saw profits slip £800,000 to £7.6million.
Miller Developments chief executive Phil Miller said profits there dipped because it had sold off “quite a bit of land” the previous year.
The division is currently fitting out premises for three multinationals, BP, Asco and Emerson Process Management, at its D2 project in Dyce.
It has also received planning permission to build a hotel on the site near the airport, Mr Miller said.
Miller’s joint venture with Aberdeen-based property developer Cromdale also yielded further progress at the North Dee Business Quarter last year.
Miller Cromdale received planning permission for the 25,500sq ft Liberty House, started work on the 46,000sq ft Ardent West development, leased a newly-built office to GDF Suez, and sold another to CBRE Global Investors.
Mr Miller said he expected the office market to slow down slightly.