The Ogilvie Group is delighted to announce its financial results for the year ending June 2016, as reported in the Daily Record this week:
Stirling-based Ogilvie Group has posted a 12 per cent increase in profits for 2016 following what the company described as a year of “steady progress”.
Net pre-tax profits reached £4.5m on turnover of £207.6m following expansion of its dominant fleet division and an improved performance by its construction arm. The family-owned group also has smaller communications and surveying businesses.
Its fleet division increased vehicle numbers by 14 per cent to 15,000, consolidating its position as a top 20 contract hire company. Chief executive Duncan Ogilvie said further benefits were reaped from tight controls on maintenance costs, “well-managed disposals” and a strong market for used cars and vans.
Growth in fleet hire is expected to continue for the next five years, he added.
Turnover and profit improved on Ogilvie Construction, even though some projects in the north-east were postponed due to the downturn in the oil and gas sector. The division operates in a range of sectors, such as leisure and student accommodation, and with a strong order book looks placed to achieve “controlled growth” in the coming year.
Ogilvie Homes also posted steady growth as sales prices in the housing market improved slightly on the back of the Scottish Government's Help to Buy scheme. It has planning approval on a number of its options sites, and is planning to add to its land bank.
“Last year was a period of steady progress based on a solid performance and the group is well-positioned to build on this position and maintain growth in the year ahead,” Duncan Ogilvie said.
“Our focus is to maintain the long-term success of the business with continued investment in skills and an unrivalled commitment to customer service.”
During the year, Ogilvie Communications successfully moved into providing IT and cyber security solutions to corporate clients. The business is expected to return to profitability as a result.
Ogilvie Geomatics suffered from a downturn in the surveying market – particularly in roads and waterways – but these are now showing “significant” signs of recovery.
The group has been trading for more than 60 years, and employs more than 450 people in eight locations across the UK.