BUCCLEUCH has published its latest group financial statements, covering the year ending October 31, 2016, and showing an underlying loss of over half a million pound.

However, that latest financial year saw the group complete some major initiatives – including an £8.9m retail and food development – and continued growth in its renewables ventures.

The group saw an income of £14.4m, a figure impacted by some accounting revaluations. Overall, and excluding such items, the years' financial records show an underlying loss of £592k.

Buccleuch chief executive officer John Glen said: “We have continued to implement a robust business strategy and remain wholly committed to achieving our ambitions in the energy, hospitality and commercial property sectors. In particular, Buccleuch is contributing to economic development in the South of Scotland and this is a priority area of activity.”

Group income for The MDS Estates Ltd., the parent holding company of Buccleuch, totalled £14.412m, while turnover was £29.986m. This figure reflects changes in financial reporting required under the Financial Reporting Standard 102 – which had the effect of increasing the group income by £15m, suggesting an underlying loss of £592k compared with an underlying profit of £200k in the previous year, calculated on the same basis.

Mr Glen added: “Trading in our traditional areas of agriculture, forestry, rural property and heritage tourism has been challenging during the reporting period and, as expected, capital growth in the commercial property market slowed following a particularly strong progression the previous year.

“In contrast, our plan to create a major energy park at Glenmuckloch in Dumfries and Galloway continues to progress and planning consent was granted for an industrial-scale pumped hydro storage scheme up to 400MW. This followed the consent for 26MW of wind power on the same site last year. We hope to progress this and other renewable energy projects in coming years.”

Buccleuch completed the £8.9m investment in the development of the stableyards and park at Dalkeith, creating a retail and food destination together with a children’s play attraction on the outskirts of Edinburgh. This project has attracted more than 100,000 visitors since completion and has created 40 jobs in the local area.