Construction News

21/11/2013

Stewart Milne Reports Annual Loss

Aberdeen-based housebuilder Stewart Milne has posted an annual pre-tax loss of £5.7m.

For the year ending in June, the company had a turnover of £211m and an operating profit of £20.5m.

However, in a statement, the firm said "exceptional one-off costs of £13.8m combined with interest charges".

Chairman Stewart Milne said the company remained "financially robust", and said they are please with the latest trading performance.

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Commenting on the results, Mr Milne said: "It demonstrates the benefit of us remaining independent, driving the business forward, designing homes and creating products to meet customers' needs.

"With the improving market conditions we are well positioned to capitalise on growth opportunities throughout 2014 and beyond with a strong balance sheet and renewed bank facilities."

In 2012, Stewart Milne reported a pre-tax profit of £486,000 in the 12 months to the end of June.

(JP/IT)

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