Profit rises less than 1% at Scottish developer as local industrial and office markets remain flat
A flat Scottish office market has dampened the financial performance of the EDI group, which saw a minimal rise in pre-tax profit last year.
The Edinburgh-based property development company, which is owned by Edinburgh City Council, said pre-tax profit increased just 0.6% to £1.31m for the year ending 31 December 2005. Turnover rose 25% to £9.5m and net asset value grew 15.6% to £44m.
EDI group chair Ian Perry said: “Our performance is an improvement on last year's figures which is satisfying in a market where commercial activity in the office and industrial sectors particularly, remains low.”
EDI also reported on the social and environmental impact of its work in its Triple Bottom Line report. In the future EDI plans to develop its procurement policy to encourage change throughout the supply chain, targeting four areas during 2006: sustainable procurement policy; contractor recruitment/training schemes; quality management systems and Scottish health at work.