For the year ended 31st October 2020, Keltbray made a pre-tax loss of 拢9.4m (2019: 拢10.5m profit) on turnover down 24% from to 拢428.6m (2019: 拢563.4m).
The financial loss was blamed on the costs of Covid-19, the revenue impact of temporary site closures and delayed projects, and restructuring costs, predominantly within the built environment businesses.
Exceptional costs of 拢8.7m included payroll costs paid to employees on furlough totalling nearly 拢7.2m and redundancy costs of more than 拢1.5m.
Keltbray benefited from more than 拢6.3m furlough income under the government鈥檚 coronavirus job retention scheme.
Turnover comprised 拢260.7m from built environment services and 168.0m聽 from infrastructure services.
Group EBITDA of 拢3.3m was lifted by a good underlying performance across the infrastructure businesses, which were largely unaffected by the Covid-19 pandemic
The business ended the year with a closing positive cash position of 拢25.0m, 拢20.0m of secured, unused banking facilities, and a forward order book of 聽拢224m.
Executive chairman Brendan Kerr, who owns the company, said: 鈥淎s I reflect on the year, my overwhelming feeling is one of pride for the tremendous work that my executive team and all my colleagues across Keltbray have done to face the challenges head on, continue to deliver the essential services our customers and the wider UK demand, and protect the business for the future. Beyond any financial metrics, it truly has been a year of human accomplishment.鈥�
Chief executive Darren James said: 鈥淭hese results cover a period of intensive challenge for Keltbray and the entire industry, none of whom have been immune from the effects.聽 Although we鈥檝e had to handle lockdowns, fundamentally revise working practices, and take tough decisions to safeguard our business and the jobs it provides, I am pleased to report that as a result of our strategic diversification, Keltbray finished the year in a strong cash position and is making good progress in strategy execution.
鈥淥ur long-term aim is to become a more sustainably profitable specialist engineering business by investing in our talented workforce, innovative engineering technologies and core self-delivery capabilities. We will target opportunities in sectors that most benefit from the certainty of our innovative approach. This approach is reinforced in our new core purpose 鈥� To redefine the way sustainable development is delivered. This, along with our strong governance, bodes well for the future of Keltbray.鈥�
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