Clugston group secures record turnover as it invests in restructuring programme
The privately-owned firm, which has offices in Scunthorpe and Leeds, established a new Energy Waste and Renewables (EWR) division to focus on complex civil engineering projects.
The group’s turnover increased from £118.2m for the financial year 2016-17, to more than £176m for the 2017-18 financial year.
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Hide AdA spokesman said: “However, the investment in restructuring the group to create the platform for future growth, saw profitability decrease marginally from the £1m pre-tax profit recorded in 2016-17 to a small pre-tax loss of £0.5m for the financial year 2017-18.
“The group maintained a strong balance sheet with accumulated cash balances of £30m at the year-end, no bank debt, and a strong forward order book. These cash balances were up on last year, increasing from £18.1m for the 2016-17 financial year.
“Net assets, meanwhile, decreased slightly to £14.3m for the 2017-18 financial year.”
Bob Vickers, chief executive, inset, said: “Despite the challenging conditions in several of our key markets, together with investment in the restructuring, we have delivered another credible financial performance.
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Hide Ad“Whilst the markets in which we operate remain challenging and we believe this will remain so for the foreseeable future, I am sure that the restructuring we have undertaken, particularly within the construction area of our business, will create the focus and drive to enable us to continue to deliver successful projects.”