The Murray family’s private investment arm made a pre-tax profit of £ 9.8million, reversing a loss of £ 11.6million in the previous reporting period.
Murray Capital Group’s annual accounts for the year ended June 30 showed that profit was generated from the sale of its 68-acre licensed land development site at Torrance Park in North Lanarkshire to Taylor Wimpey and Barratt Developments.
Its metals business has also returned to profitability. Turnover from its operations was £ 83.5million, up from £ 100.1million last year.
The reference period for this year was 18 months, from January 1, 2019 to June 30, 2020, instead of 12 months.
The main activities of the company are the supply of storage, processing and distribution of metals; land development for the residential and commercial sectors; importation and distribution of wine; and investment in private businesses and real estate.
David D Murray, Managing Director of Murray Capital, said: “We are pleased with the performance of the company this year and the positive momentum it has shown, with pre-tax profit of £ 9.8million, or a change of £ 21.3 million, compared to the previous reporting period.
“Most of the losses for the end of 2020 were of an exceptional nature, related to several write-downs and restructuring costs in our portfolio – these strategic decisions are now paying off and we look to 2022 and beyond with renewed confidence.
“We have started the current year well, with all of our major trading activities contributing to profitability, in particular our metals group, where our long-term investment approach is now bearing fruit. “
Murray added: “In our real estate business, we continue to make significant investments in all of our sites, however delays in the planning system at the council and government level continue to hamper affordable and family housing, schools. and supporting infrastructure.
“We remain patient investors in what are strategically important sites for the country, but we have very real concerns, shared by many investors, that the planning system is endangering jobs and the recovery.”
Sir David Murray completed the transition from the business to his sons last year, but remains chairman and still owns a small minority stake in the business.
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