Stirling-based Ogilvie Group achieved a 7% increase in turnover and profit last year despite the ongoing economic downturn.
Group turnover reached £162.7 million, with a pre tax profit of £2.7 million, compared to figures for the previous year of £151 million and £2.5 million respectively.
Ogilvie Fleet performed strongly through the year supported by buoyant second hand car values. The fleet size across the UK has increased to over 10,000 vehicles and there are plans in place to continue to develop the sector.
The continued lack of public capital projects, particularly in health and education sectors, contributed to difficult conditions for Ogilvie Construction. However the business continues to target key clients in the private sector to secure negotiated contracts.
Like most residential developers, Ogilvie Homes has seen the lack of consumer confidence, combined with constraints in the mortgage market, impacting on sales. It is expected that the market will recover slowly with the anticipated easing of mortgage availability in the first time buyer market.
Ogilvie Group recently appointed Barclays Corporate as its new funders, which gives the company access to an enhanced three-year credit facility, providing greater liquidity for the Group.
Duncan Ogilvie, chief executive, Ogilvie Group, said: “We have continued to maintain a solid performance in what are difficult economic conditions and expect that consistency to continue into the coming year.
“Our commitment to delivering the highest standards of quality and service across all of our operations is a key factor in the continued success of the business.
“The move to Barclays will allow us to further consolidate our position in the various markets in which the Group operates throughout the UK and support growth plans in our fleet business. We feel that Barclays has the same business ethos as Ogilvie Group of building long term partnerships in business.”
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