Aberdeen-based developer Drum Property Group has reported another year of strong growth on the back of projects across Scotland and beyond.
It said it continued to deliver “transformational” developments across the residential, leisure and business space sectors in its last full trading year.
Announcing pre-tax profits of £9m on turnover of £55m for 2022, Drum cited completion of the final phase of its £500 million Buchanan Wharf development in Glasgow as one of its milestones of the year.
Student Loans Co milestone among highlights for Aberdeen firm in 2022
The last piece of the Buchanan Wharf jigsaw saw the “successful delivery” of new office headquarters for the Student Loans Company.
Drum also completed a residential complex of 220 flats in Finnieston, Glasgow.
Meanwhile, the firm’s residential-led regeneration project at Candleriggs Square in Sctland’s largest city is nearing completion. Scotland’s largest hotel, built for TSH, is due to open there in the new year.
A 346-flat residential complex for Legal & General is slated for delivery later in 2024.
Drum is expected to submit a major planning application for its West Town development, the starting point for a western expansion of Edinburgh, in early 2024.
The company has also recently secured a new site in Leeds as it continues to grow its presence south of the border.
Drum finance director Stuart Oag 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.”
Mr Oag said the company was also benefitting from low levels of debt, with “facilities to complete the pipeline of work in progress”.
He added: “Despite the challenging macro-economic 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.”
Drum is a wholly-owned subsidiary of DPG Holdco, a company incorporated in March 2020 by owner and managing director Graeme Bone.
Portfolio projects closer to home include Prime Four business park, in Kingswells, Aberdeen, which it continues to develop.
Drum’s total investment at Prime Four to date exceeds £300m and is expected to rise to in excess of £600m after more than 1.8 million sq ft of commercial accommodation is built in future phases of the park.
North and north-east developments by the firm in recent years delivered buildings for the likes of Lloyds Register, Equinor, Transocean, Apache North Sea, Premier Oil (now Harbour Energy) and EnQuest in Aberdeen, as well as new Travelodges in Inverness and Elgin.
Drum’s latest full-year figures follow profits of £11.2m on turnover of £114m in 2021.