Housebuilder and construction company Bancon Group has announced its results for the year ending 31 March 2017 which show a significant improvement in trading performance in a challenging market.
The Aberdeenshire firm recorded an operating profit of £300,000, against a loss of £2.2 million in 2016, as a result of improved trading and cost efficiencies following the restructure during the previous financial year.
Turnover reduced from £110m to £55m, reflecting the shorter trading period for these accounts, compared to the previous year, and taking into account the reduction in the construction business as a result of a decision to concentrate on more profitable activities.
The group also announced the appointment of a new finance director with Andrew Tweedie set to join Bancon on October 2. A chartered accountant with 14 years’ experience, Mr Tweedie qualified with Deloitte and then spent ten years with John Menzies plc, where he held senior commercial and finance roles at divisional and group levels.