For the 2016/17 financial year, Clugston made a آ£1m pre-tax profit (2015/16: آ£1.6m) on turnover down 18% to آ£118.2m (2015/16: آ£143.4m.)
It has been a tough couple for years for Clugston. In 2014/15 it made آ£4.7m pre-tax profit on آ£160m turnover. In two years, therefore, profits have fallen nearly 80%.
But chief executive Bob Vickers, who joined the business from Carillion in February when Stephen Martin left to run the Institute of Directors, was upbeat about prospects.
آ “Whilst a challenging year, primarily due to delayed projects, our strong results are a reflection of the quality of our people across the group,†he said. “We have delivered another strong financial performance, with solid profitability, substantial cash balances of آ£18m and no bank borrowings.â€
He added: “We remain very positive about the opportunities to grow the business and with a forward order book already secured sufficient to generate a turnover in excess of آ£170m this current term, we are well positioned to capitalise on the growth potential in our target markets, with a substantial pipeline in place for the following years.â€
Projects completed by Clugston's Construction division last year, which recorded a turnover of آ£101.6m, included a new Ikea store in Sheffield and a Jaguar Land Rover showroom for Duckworth JLR in Boston.
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