Commercial property consultant Ryden has reported a strong year with turnover up 17% to £13.2million in the 12 month period to 30 April 2014. The firm’s annual accounts also showed a 50% increase in profit and a strong balance sheet with £3.9million in cash and no borrowing.
Bill Duguid, who took over as managing partner last year, attributed the strong performance to growth in transactional business: "The transactional side of our business grew by 38%. This, coupled with the continued strong performances in non-transactional work, is fuelling the firm’s growth.”
Independent research by EGi shows that the firm year-on-year handles around double the number of deals in Scotland of its closest competitor. Ryden was also behind some of the most significant transactions across the country including the £43m purchase of Grade A office Capella in Glasgow and the £27.6m sale of Phase 2, Prime Four Business Park in Aberdeen.
Very strong occupational and investor demand in Aberdeen meant the office grew 32% and contributed strongly to the firm’s results. Other areas of operation saw ‘real’ growth ahead of inflation, with strong performances in Inverness and Edinburgh, growing at 21% and 20% respectively.
Mr Duguid said: “We have already exceeded our three-year growth targets after two years. The key to our success is undoubtedly in the strong and experienced teams we have maintained in each city. We resisted the significant staff cuts adopted by some of our larger competitors during the recession and I believe this is paying dividends for us in the high quality of work we are now winning. ”
Looking ahead, he commented: "The next 5 years will be a very interesting time in the UK economy with a number of major political events and changes to come but I firmly believe it will be a good time to continue to grow our business particularly in the north of England and we are currently looking at plans to do this which we hope to announce in the next 6 months.”
Reinforcing the success of the business, Ryden won 45 industry awards this year, including EGi’s Most Active Agent in Scotland for the 12th time, and most recently, Commercial Property Agents of the Year 2014 in the Herald Property Awards for Scotland.