Specialist engineering and demolition contractor Keltbray saw its annual turnover surge to £563.4m in the year to 31 October 2019 but profit for the year dropped by 41%.
Keltbray’s pre-tax profit for the year was £10.5m, down from £17.8m the year before. Its net current assets also halved from £14.5m to £7.7m. Its order book stands at £257m.
Last month, the company announced 300 redundancies in response to the coronavirus pandemic, affecting its support functions and built environment division.
However, executive chairman Brendan Kerr said that there were opportunities for the business in the future.
Kerr said: “Despite the current uncertainties, the UK infrastructure markets are set to grow and develop rapidly, with increasing demand for innovative solutions to upgrade, enhance and decarbonise the nation’s strategic infrastructure, particularly in the transport and utilities sector. This creates a significant opportunity for our business and we are well placed, with our range of integrated services, to benefit from these market dynamics.”
Peter Burnside, group finance director added: “The group delivered a robust cash performance and consistent overall financial performance in the 2018/19 financial year, despite the negative impact of a cooling market sentiment. “The group has faced up to the prevailing trading challenges and has taken the necessary steps to safeguard the business, while continuing to focus on our core strategic goals. This gives us the confidence that our growth plans are realistic and achievable.”