0 Have your say Muir Group, the Fife-based contractor, housebuilder and property developer, has reported a fall in annual profits as “bad debt” and challenges in its contracting arm dragged on earnings. The family-owned builder hailed positive results in a “challenging” environment, as pre-tax profits for the 12 months to 3 February dropped to £2.6 million, down from £3.3m in the previous year.The Inverkeithing group, which includes Muir Construction and Muir Homes, attributed this decline to “potential bad debt”.Muir said a provision of its full outstanding debt of £1.6m has been made, however the debtor is currently undergoing refinancing and “has given assurances that £1.1m of this sum will paid on completion”. A one-off charge for pensions equalisation also affected other returns. Its contracting division, which posted a loss of £523,000 compared to profits of £818,000 last year, also weighed on group earnings.Profits at Muir’s housing arm remained flat at just under £3.3m.Muir praised consistent revenues in an “uncertain” economic climate, recording broadly flat group turnover of £65.1m and pointing to key growth in the private housing, property development and timber kit manufacturing sectors. Turnover in its housing unit increased by around 10 per cent to £32m, while its contracting… Read full this story
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