One of Scotland’s leading social housing contractors saw its pre-tax profit surge by more than 50 per cent in its latest annual accounts.
CCG (Scotland) reported a pre-tax profit of £26.2m in the year to 31 March 2024, an increase of 53 per cent on the £17.1m in the previous year.
The firm’s directors described the results as “very encouraging”, with CCG’s revenue rising from £243.3m to £273m.
The Glasgow-based firm was the 69th biggest in the UK according to the latest version of the CN100.
In its latest accounts, directors pointed to “good relationships” across the social housing sector as a reason for its strong performance, including with the Scottish Government, local community groups and direct clients.
As well as social housing, CCG works in the care home, charity, education and healthcare sectors.
In 2024, its major contract awards included a £20.3m project to regenerate Glasgow’s Bellgrove Hotel into 70 homes.
It also completed work on a new care home – Almond Valley Care Home – in Livingston. CCG also delivered 2,700 new fire doors to high-rise homes across South Lanarkshire, as part of a £10m multi-year programme to improve fire safety.
“The company ensures it maintains successful engagement with its supply chain as its dependence on the services and materials supplied is integral to the success of the company,” the directors added, pointing to a “core group” of subcontractors.
“Relationships built up with them over a number of years facilitate our decision-making, in awarding subcontracts to those who have the appropriate skills, experience and capability to deliver,” CCG said.
The contractor reported no external bank debt, though its cash reserves more than halved from £78m to £38m.
CCG announced interim dividends of £8.7m, matching what it paid out the year before.
Looking forward, CCG pointed to an “encouraging” order book and “good opportunities” in the social housing market.
Its directors emphasised the firm’s “commitment to skills development and investment in subsidiary companies that strengthen its supply chain”.
This should position CCG to “capitalise on the opportunities as they present themselves”, they added.
