John Muir, Chairman of Muir Group
John Muir, Chairman of Muir Group

Muir Group turnover up 39% to over £74.7m

Turnover at Fife-based contractor, housebuilder and property developer, Muir Group PLC, is up 39% to over £74.7m from £53.7m last year.

Muir Construction revenues increased to just under £40 Million, up £15 Million on last year. Construction returned a profit of £400,000 before tax, compared to a £950,000 loss last year.

Housing revenues rose by £5 million to just under £30 million. Average house prices were £221,000, compared to £195,000 in 2015/2016, with additional house sales taking the total number of properties sold to 137.

Timber Systems had another busy year as turnover increased to £4.7 million from £3.5 million previously. Margins were down slightly and overheads higher to drive the increased activity with profits circa £200,000. Prospects for the current year look promising.

Leisure revenues continued flat at £1.6 million, which along with increased costs meant this remained the last Group company to return a profit.

Development activity halved in the year, with revenues of £4.2m against £8.6m last year. Property Development for the current year will depend on timing of transactions and market confidence.

Commenting on the results, John Muir, Chairman of Muir Group said: “This is a very positive set of results and it’s encouraging to see turnover increasing significantly across the majority of areas of the business. The reduction in development activity reflects continuing issues facing the property market in general, with reduced demand in Aberdeen producing a ripple effect for the north east. Looking forward, the Group is seeing positives in improved management in construction, housing and leisure to meet changed market conditions. Overall, Group profits remained on £4 Million before tax, which was a very credible performance in difficult trading conditions.”