The group's pre-tax profit margin was wafer thin at just 拢406,000, but this was an improvement on the previous year's 拢140,000.
The turnover breakdown by activity was as follows:
- House building: 拢147.2m
- Building contracting: 拢57.1m
- Timber frame manufacture: 拢30.1m
- Property development: 拢4m
Stewart Milne's house building business increased turnover by 2% despite a 4% drop in units. The firm expects units to increase in 2012 due to an increased number of sales outlets.
It increased its landbank during the year, buying the assets of John Dickie Homes out of administration, and expanding in north-west England. It has 3,500 consented plots, a five year supply based on 2012 levels of activity, and a further 9,000 under conditional contracts.
Stewart Milne estimates the value of its land banks at 拢156.4m, and work in progress 拢108.8m, with completions valued at 拢24.5m.
The firm's construction arm increased turnover 6%, and anticipates further growth in turnover during 2012, with 80% of targeted revenue secured.
Stewart Milne's timber frame business was affected by increased material prices which reduced the business's margins.
The group has a 26.8% investment in Aberdeen Football Club. It was recently revealed that chairman Stewart Milne has had to provide personal guarantees to keep the club afloat, with Aberdeen's debt soaring to 拢12m on the back of weekly 拢60,000 losses.聽
Chairman Stewart Milne said: 鈥淲e are satisfied that the group has remained profitable in the challenging market conditions that prevail.聽
鈥淲e anticipate current conditions will continue in the coming year and we will continue to focus on the fundamentals of the business to ensure we operate efficiently.鈥�
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