Turnover was down a third and profit before tax was down 75%.
For year ended 31st March 2021, C Spencer鈥檚 posted turnover of 拢42.0m (2020: 拢63.5m) and a pre-tax profit of 拢526,000 (2020: 拢2.2m).
At an operating level, a profit of 拢442,000 was recorded thanks to 拢930,000 of Covid-related government grants.
The Hull-based company works mostly on rail, bridge and industrial projects but Covid-driven site closures in the early part of the business year resulted in low operating levels and operating restrictions. This caused delays on several projects and postponement of some newly-signed contracts, directors said. However, the business entered the current financial year with an order book of secured work totalling 拢53m and a strong pipeline of opportunities.
Since the financial year-end, the company has resolved an ongoing contract dispute, securing a 拢3.8m cash injection for works previously undertaken, which has boosted working capital reserves.
Parent company Spencer Engineering Group posted a pre-tax loss of 拢1.66m (2020: 拢23,000 loss) on 拢46m turnover.
Founder and executive chairman Charlie Spencer said: 鈥淕iven the difficult circumstances over the past 18 months as a result of the pandemic, this is a positive set of results and our staff are to be commended for their efforts and commitment in what has been a very challenging period.
鈥淲e are now in the happy position of recruiting new staff to service our increasing order book.鈥�
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