For the year to 31st March 2021 FM Conway made a pre-tax profit of 拢19.8m (2020: 拢12.7m) on turnover up 4% to 拢338.2m (2020: 拢325.7m).
Chairman Michael Conway said: 鈥淭he financial results for the year were encouraging, particularly in light of the additional costs associated with the pandemic. The benefit of maintaining financial discipline means that the group retains a strong balance sheet to help us navigate a difficult economic outlook for the UK in the coming years.鈥�
Chief executive Adam Green said: 鈥淚n the early part if FY21, when the first lockdown was announced, we reacted swiftly to the market; temporarily closing asphalt plants and standing down聽 some of our operations and support teams whilst the impact of the situation and outcomes evolved. During this initial shutdown, a large proportion of the group鈥檚 operations ceased and/or became inefficient whilst new safe methods of working were developed. During this time, we made a short-term and limited used of the government鈥檚 furlough scheme to protect the cash in the business, retain jobs and to protect the vulnerable or those with childcare requirements to defend the long-term future of our organisation. We took a number of difficult decisions, including the cessation of new recruitment, salary reviews an suspension of all non-essential expenditure and activities.
In February 2021 FM Conway completed a re-finance that enabled it in March to complete the its 100% acquisition of national surfacing contractor Toppesfield. FM Conway first bought into Toppesfield in 2017.
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