Drum Property Group sees profits reach £9m after year of strong growth
Aberdeen developer Drum Property Group has announced pre-tax profits of £9 million as the firm hailed another year of strong growth.
Drum said it continued to deliver “transformational” developments across the residential, leisure and business space sectors in Scotland and beyond in its last full trading year.
The firm also announced a turnover of £55m, and hailed its completion of the final phase of its £500 million Buchanan Wharf development in Glasgow as one of its milestones of the year, the Press and Journal reports.
Stuart Oag, finance director at Drum Property Group, said: “The results from 2022 reflect the ongoing progress and delivery of strategic development projects across the country and help us to continue the expansion of our geographical footprint with confidence.
“The current construction activity will continue to deliver revenues through the next five-year period.”
He added that the firm was also benefitting from low levels of debt. He continued: “Despite the challenging macroeconomic backdrop, we are utilising the group’s significant cash reserves to ensure we are well placed to take advantage of new opportunities throughout the UK.”