Grant Asset Management, the Edinburgh-based residential property company, saw profits fall sharply last year. The business achieved a profit turnround of more than £730,000 in 2014, posting a pre-tax profit of £479,641.

But accounts just posted at Companies House show the 2015 figure was down to £50,457. Although turnover rose by 24 per cent from £7.1m to £8.8m, the cost of sales jumped from £3m to £4.1m and administrative expenses came in £1m higher at £4.7m.

Development and renovations accounted for 60per cent of turnover and was up 15 per cent.