Bancon Group bounces back with 1,250% profit boost

Bancon Group bounces back with 1,250% profit boost

Bancon Group chief executive John Irvine (left) and finance director Andrew Tweedie

Bancon Group has bounced back from the pandemic with a 1,250% boost to pre-tax profits, rising from £200,000 to £2.7 million in the latest financial year.

The Aberdeenshire housebuilder and construction group saw its turnover rise by £40 million on the previous year to reach £114 million, according to its latest results.

Bancon is also optimistic for the future, having already secured 60% of its target sales for 2022/23.

John Irvine, group chief executive, said: “The underlying strength of the group, together with our clear strategy, has resulted in considerably increased profits, despite the well-documented headwinds being experienced by the industry.

“We have entered the current financial year with strong forward orders across all our businesses and continue to focus on our longer-term growth by significantly investing in the attraction, retention and development of people and increasing the production capacity of Deeside Timberframe.

“With these strong foundations and proactive measures we’ve taken to address the challenges of supply chain disruption, recruitment and rising costs, I am optimistic that we will produce another strong performance in the current year.”

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