Services help Tulloch reach record profit

Inverness-based construction group Tulloch has unveiled a record pre-tax profit of £5.4m. Chairman David Sutherland described 2003 as "an excellent trading year".
Tulloch's latest financial results for the 12 months to 31 December show turnover at £115m. While the figure was higher than the 2002 turnover of £109m, the increase is not so much down to a policy of growth as the result of timing differences on large contracts.
The construction division decreased turnover, but increased profitability, particularly from its civil engineering operations.
Corrie Services produced what Sutherland called "a dazzling result" across its expanding portfolio of plumbing, heating, electrical, mechanical and other services.
The housebuilding division, Tulloch Homes, lifted sales to 250. As a result, turnover climbed from £38m in 2002 to £45m. New sites were developed in Bonnybridge, Inverness and Dunfermline.
Sutherland said: "Further land investment is in train in the Highlands, our heartland."
During the year, Gladedale bid for Tulloch Homes, but the plc board decided the offer did not reflect the inherent value of the business. As a result, Tulloch withdrew from the transaction.