Keltbray reports increased turnover as profits fall

Keltbray, one of the UK’s leading demolition, groundworks and piling specialist contractors, has unveiled  its 2019 results and reported that 2019 turnover increased 41% to £563 million, but profits before taxation fell to £10.5 million from £17.8  million in 2018.

The turnover growth was driven by the Group’s Specialist Contracting Services division which posted revenues of £396 million, up 39% on the previous trading year.

The results cover the period before the Covid-19 crisis cause UK GDP to fall by a quarter. The firm is actively managing the impact of COVID 19 and existing market conditions while targeting further growth.

In June Keltbray announced plans to lose 300 jobs in its support functions and Built Environment Division in particular. At the start of the Covid-19 crisis Keltbray furloughed one third of its workforce and cut salaries.

Darren James, Group Chief Executive, outlined that the Group is actively managing the impact on the current trading year of COVID19 and other market factors. He said: “Although this and other uncertainties remain, particularly the UK’s relationship with Europe, we are confident that the UK Government’s focus on economic recovery, founded on investment in economic and social infrastructure, will create significant medium and long-term growth opportunities for the Keltbray Group. This is now being reflected in a growing opportunity and tender pipeline.

“Our focus in the period ahead, is to work closely with our customers, rebound from COVID19, drive improvement in operational effectiveness together with investing in our strategy for growth.”