We are pleased to share our strong trading results for the financial year to 31 March 2025, with pre-tax profits doubling compared to the previous year.
Turnover across the Group increased by 13% to £110.7 million, up from £97.7 million in 2024. This growth helped drive a 100% improvement in pre-tax profits, which rose to £2.6 million from £1.3 million.
Founded in Banchory in 1975 and celebrating our 50th anniversary this year, Bancon Group has grown to become one of Scotland’s leading construction and housebuilding firms, employing around 250 people across our trading divisions, Bancon Homes, Bancon Construction and Deeside Timberframe, alongside a considerable subcontractor network.
In the year to March 2025, we handed over a total of 338 private and affordable homes. Bancon Homes achieved a Gold Award for Customer Satisfaction from Inhouse Research for the eighth consecutive year and saw a 38% increase in the number of private homes sold, driving a 22% increase in turnover for the business.
While uncertainty around geopolitical events and UK policy announcements impacted purchaser appetite post-Christmas, visitor levels and sales have since recovered and momentum has been maintained into the new financial year.
Deeside Timberframe achieved a 23% increase in turnover compared to the previous year. A continued focus on efficiency and stable raw material prices allowed us to maintain margins. Significant progress was made on our strategic plan, including a multi-million-pound automation investment at our recently expanded Stirling factory and the opening of a Warrington office to support customers in the North of England.
Our construction business delivered its highest pre-tax profit since 2007, despite a managed 9% reduction in turnover, reflecting our focus on improved margins. This has been supported by strong partnerships with local authorities and housing associations on retrofit and land-led affordable housing projects.
Chief Financial Officer, Andrew Tweedie, said:
“It is extremely satisfying to report a significant uplift in profits for the year to March 2025. These results build on last year’s strong performance and are a testament to the dedication and talents of our people. We are targeting further profit growth in the current year and have made a strong start with positive sales in our homes and timberframe businesses, as well as a major contract win in our retrofit construction division.”
Work has also commenced on our latest private housing development, Valley View at Milltimber in Aberdeen City. This new community of luxury four and five-bedroom homes on North Deeside Road will launch to buyers later this month.
Chairman, Bob McAlpine, added:
“We are delighted to have started work on this long-awaited flagship site in Aberdeen and look forward to securing additional sites in the year ahead. I am immensely proud of our team for delivering such positive results and continuing to play our part in meeting Scotland’s housing needs.”
