For the 2016/17 financial year, Clugston made a 拢1m pre-tax profit (2015/16: 拢1.6m) on turnover down 18% to 拢118.2m (2015/16: 拢143.4m.)
It has been a tough couple for years for Clugston. In 2014/15 it made 拢4.7m pre-tax profit on 拢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.
聽鈥淲hilst a challenging year, primarily due to delayed projects, our strong results are a reflection of the quality of our people across the group,鈥� he said. 鈥淲e have delivered another strong financial performance, with solid profitability, substantial cash balances of 拢18m and no bank borrowings.鈥�
He added: 鈥淲e 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 拢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.鈥�
Projects completed by Clugston's Construction division last year, which recorded a turnover of 拢101.6m, included a new Ikea store in Sheffield and a Jaguar Land Rover showroom for Duckworth JLR in Boston.
Got a story? Email news@theconstructionindex.co.uk
