Property agent Ryden suffered a fall in profits and turnover in the year to April 30 as the oil and gas downturn hit markets in the north-east.
A stalled commercial property industry throughout Scotland in the run-up to last year’s independence referendum also affected the company’s balance sheet, Ryden said yesterday.
But the firm, which has offices in Aberdeen, Dundee, Edinburgh, Glasgow Leeds and until very recently Inverness, said its latest results showed steady progress since the launch of a three-year growth plan in 2012.
Reporting pre-tax profits of £5.48million and turnover of £12.5million, down from £6million and £13.2million respectively last year, Aberdeen-based managing partner Bill Duguid said 10% sales growth in Edinburgh was a highlight of 2014/15.
Ryden’s project and building consultancy group also did well, thanks to new project wins, he added.
Since the year-end, the firm has closed the office it had in Inverness following the loss of Highland partner Charlie Lawrence to rival company Graham + Sibbald.
Ryden decided not to replace him and focus on growing business elsewhere.
Mr Duguid said: “These results show steady performance within the wider political and economic picture over the last three years.
“We set a three-year plan for growth in 2012 which we exceeded by 2014 – a whole year early – due to strong results, particularly in Aberdeen.
“This year, as the Aberdeen market adjusted and the wider market paused pre-referendum, our turnover reduced from its 2013/2014 level but it still reflects strong growth since 2012.”
He added: I’m very proud of the continued good work of our partners and staff which led to us winning 40 industry awards during 2014/15 and our shortlisting for Scottish SME (small and medium-sized enterprise) of the year.
“We are looking forward to continued progress in the current year, where we are already nominated in three categories for the Scottish Property Awards 2016.”
