Muir Group building on turnover rises as milestone birthday approaches

AN INVERKEITHING firm is said it was “well-positioned” for the future as its approaches its 50th birthday.

The Muir Group Plc, an independently-owned and established family property developers and contractors, announced its financial results this week, reporting an increase in turnover of nearly £22 million.

The figures, however, showed that as a result of challenges facing the whole sector, including margins being squeezed and chronic skills and labour shortages, the group reported a pre-tax loss of £4.3 million as it restructured its revenue profile at Muir Homes.

Muir Construction turnover increased by £7 million on the previous year which was due to the completion of business facilities in Glasgow and the M8 Central Belt, on time and ahead of schedule.

Muir Timber Systems had a busy year with turnover increasing by £3 million thanks to the return to normal production following removal of restrictions post-COVID and an increase in external sales.

Muir Homes increased its turnover by £12 million, despite results being impacted significantly by the pandemic. Issues identified in assessment of expected margins on current sales and a more challenging property market in the North East all contributed to a loss for the financial year.

The Group is now focused on a more diversified and balanced portfolio of housing developments throughout Scotland.

Chairman John Muir said their dedicated team was working hard in difficult and challenging times.

“The pandemic is over but its legacy continues with price increases in raw materials, delays in the supply chain and a significant lack of skilled labour to support the construction sector,” he said.