Stewart Milne Group (SMG) has blamed the oil and gas downturn for the loss of 33 north-east construction jobs.
The north-east builder only confirmed the redundancies yesterday, although the positions were axed during the third quarter of 2016.
A spokesman for the company, which has its headquarters in Westhill, near Aberdeen, said: “The oil and gas downturn has impacted upon parts of the new homes market in the north-east of Scotland and we reviewed our business in light of this.
“We expect the local market to recover but took prudent steps early. Outside the region, our operations across central Scotland, north-west England and Timber Systems manufacturing continue to perform well.”
SMG employs 900 people in a £250million-plus turnover business spanning operations in the north-east as well as Edinburgh, Glasgow, Manchester and Oxford.
Accounts lodged at Companies House earlier this year revealed pre-tax profits of £5million during the year to June 30, 2015, up from £3million previously.
The firm recently secured a three-year, £185million banking facility with Lloyds Banking Group as part of its long-term growth strategy.
It coincided with the group embarking on new residential developments across Scotland and north-west England.
Earlier this year, chairman and founder Stewart Milne said the company was “rebalancing its portfolio” by focusing on increasing sites in Scotland’s central belt and south of the border as it “experienced challenging trading conditions in the north-east Scotland market as a result of the significant fall in the oil price”.
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