House builder Tulloch Homes says it has benefited from the increased availability of workers caused by the oil and gas sector downturn.
The Inverness-based firm’s first annual financial results since a management buy-out early last year have revealed pre-tax profits of £6.8million.
In the year to June 30, 2016, the company sold 201 homes, at an average price of £203,000, contributing to a turnover total of £45million.
The builder highlighted the greater availability of former oil workers, a stable housing market and the Scottish Government’s Help to Buy Scotland scheme as factors that helped it grow, manage rising materials costs and achieve its targets.
Tulloch Homes Group chief executive, George Fraser, said: “The strength of our land bank, together with our dedicated employees and subcontractor pool have all contributed to these encouraging results.
“Since the buy-out just over a year ago, our strategy has been to focus on house-building and disposal of non-core assets, which is on schedule to be completed during this financial year.
“We’re pleased with the progress made in the past year and, with a healthy order book and positive market conditions, we’re looking forward to continuing our support for local communities in the Highlands and North East in the year ahead.”
The company said it was confident about its prospects for the year ahead, citing favourable market conditions and strong pipeline of properties awaiting construction.
It has the potential to deliver 1,147 homes on land with planning consent granted and a further 497 units on sites owned by the company awaiting planning permission.
Predominantly building in the Highlands and Aberdeenshire, the 90-year-old company employs over 180 people directly and has over 300 subcontractors.
Over the past year it has invested over £20 million in sites across Inverness-shire and Ross-shire, offering homes from £100,000 to £500,000. Current developments include Bellfield Meadows in North Kessock, Chanonry Park in Fortrose and The Courtyard apartments in Aberdeen.
As a result of the management buy-out the company’s financial reporting period changed from previous years, meaning there were no directly comparable year-on-year figures.