Leeds acquisition costs Ryden
A MERGER with a Leeds firm has cost commercial property company Ryden, but it is optimistic that its new addition will grow the firm in the medium term.
Turnover dropped 3% to £12m, and before partners remuneration, profits reached £4.08m for the year to 30 April 2016, a 25% drop on last year.
Costs were increased by the merger with Leeds-based Hill Woolhouse Property Management it said, however the sale of the firm’s former headquarters in Edinburgh contributed a significant one off capital gain last year.
The firm is optimistic though, with the 49% growth of its asset management capabilities, and the “significant” expansion of its Leeds office which grew income by 55%.
Ryden’s managing partner Bill Duguid said: “Scotland’s economy started to slow during 2015, mainly due to the weakened oil and gas sector, and this had an adverse effect on our business which is largely Scottish-based. In 2016 a changing and uncertain political landscape has now also seen those areas not directly affected by lower oil prices suffering a slowdown.
“Given these significantly changed trading conditions, and the substantial investments we have made, I believe our performance has been remarkably steady showing an overall 34% return.
“Our strategy remains, as always, one of investing in our teams of experts who have exceptional local market knowledge and continuing to build our strong business in Scotland whilst further growing our presence in England.”
