Focus on resilience and core values has enabled the business to return to profit.
We are pleased to announce our financial results 2020-21, which show a return to profit, despite the challenging economic landscape.
- Profit before tax is £9.6m in 2021 compared to a £26.2m loss in 2020.
- The annual turnover was £937.2m in 2021 compared to £819.5m in 2020.
- Cash balances remained healthy at £106.2m at year end with no debt.
Halfway through its implementation, our five-year business strategy has helped bolster resilience during challenging times, giving the company the agility to adapt to everchanging trading conditions and unpredictable geopolitical shifts. By continuing to play to our core strengths and values, and nurturing relationships with key clients, consultants and supply chain partners, the business was able to mitigate the impact on productivity caused by the pandemic, Brexit, and the shortage of materials and skilled labour.
In 2019, we reported an increase in profitability following the introduction of our business strategy. In 2020, despite the temporary adverse impact of the pandemic on our financial results, the company showed strong underlying performance, bolstered by the strategy. With a healthy pipeline of opportunity and more than 90% of secured business, we now have a robust platform on which we continue to build to realise our vision of “proudly building Britain’s future heritage”. As a construction and civil engineering Tier 1 contractor facing challenging markets, the business maintains a prudent approach guided by our values. Our focus remains on delivering project excellence, tackling the climate emergency, and fostering social values where we operate.