£2.4m profit announced by Tulloch

Tulloch has unveiled a pre-tax profit of £2.4m (£2.2m) on a turnover of £115m (£97m) in the 12 months to December 2002.

Construction profitability was kept under wraps, with the Inverness-based group only offering a divisional analysis for its housebuilding division - Tulloch Homes posted a £3.6m pre-tax profit on a turnover of £38m.

Tulloch has now paid out its last institutional shareholder - the Bank of Scotland had a 41% stake - with "several millions". Tulloch was formed in 1989 as a result of a management buyout from the Alfred McAlpine group.