Vico Properties' success story in black and white

VICO Properties, the Glasgow-based property developer, has chalked up its 20th consecutive year of profit growth and is in what group property director Colin Taylor says is “rude health”, writes Edward Marr.

It says that development profits in the last completed financial year were more than £6 million and the annual return on equity has exceeded 30 per cent over the last ten years, significantly outperforming industry benchmarks. Shareholder funds have risen by an average of 11 per cent a year over the same period.

The Vico success story is revealed in a new brochure which the company has published and distributed.

Taylor explains: “We don’t shout it from the rooftops but we are making more money than most companies. We put this brochure out and we have had a very good response – people were not aware of how active we are. Very few companies have such a track

record and can report a sustained level of profit.”

He says Vico has a strong development pipeline totalling over two million square feet of mixed-use development, including 700,000sq ft of retail, which will generate substantial profits and ensure sustained growth in future years.

Projects listed include Rutherglen Park in South Lanarkshire, a 28-acre regeneration project, Whirlies Business park in East Kilbride, Glencairn Retail Park in Kilmarnock, the Gateway International Business Park at Glasgow Airport, Kingsway Retail Park in Dundee and projects down south and in Northern Ireland.

Taylor says the ability of the Vico development team to identify successful projects, combined with a rigorous approach to risk management, has been key to delivering an impressive financial performance.

He continues: “We are actively seeking new commercial development opportunities. These are difficult times but we can move faster and easier than the others and we have to be prudent.”