Murray Capital is a family-run business whose principal activities are the development of land for the residential and commercial sectors, investment in private companies and real estate, wine importing and distribution, and the provision of metal stockholding, processing and distribution.

Ownership of the business passed from one generation of the Murray family to the next in March last year, when Sir David Murray handed the reins to his sons, David and Keith.

Turnover from continued operations for the year to 30 June 2022 was £92.8m (2021: £83.5m), an 11% increase that was driven primarily by increased steel prices in the company’s metals group. The business recorded profit-before-tax of £12.8m in the period, representing a 31% increase on the 2021 figure of £9.8m. Those profits helped shareholders’ funds grow year-on-year from £35.5m to £43.9m, an annual return of 23%.

David D Murray, managing director of Murray Capital Group, said: “We are very pleased to post our best set of results for a number of years, although we do so with our feet planted firmly on the ground given the cyclical nature of our businesses and the current economic uncertainties in UK and global markets. The performance of the metals business is particularly encouraging, given the investment we made in restructuring that business during 2020.

“The current financial year has also started well, with encouraging trading results in the first quarter, although we are mindful of the wider economic turmoil and the general sense of nervousness about the year ahead.

“Being family-owned, with no external third-party debt, allows us to take a long-term and patient view, which we believe will be necessary as the cost of money increases and higher inflation continues to impact the environment in which we operate. We remain optimistic though, and will continue to focus on the things we can control and to build on the solid foundations we have developed across the Group over many years.”

The increased profitability for the year was driven mainly by improved trading in the metals group (comprised of two main businesses - Murray Steels and Hillfoot Steel – both of which had a record year of profitability) and the sale of 12 acres of consented land at Ratho Station to Taylor Wimpey.

Murray Capital made a number of new and follow-on investments in support of its portfolio of businesses as the group continues to pursue a diversified and sustainable business.

The largest new investment made during the period was into Wavegarden, a £55m landmark development using revolutionary new technology to build Scotland’s first inland surfing destination on the outskirts of Edinburgh.

In April 2022, the group sold its longstanding investment in Capito, an IT services business, to XMA, one of the UK’s largest IT resellers.