GVA Grimley posts resilient results
GVA Grimley said its North West operation contributed £14.4m towards turnover in the year to 1 May 2010 out of group revenue of £129.5m.
Turnover at regional and national level was down on 2008/09, dipping 10% in Manchester and Liverpool from £16m last time, in line with the UK fall from £137.3m.
However, operating profit in the North West improved 23% to £3.2m from £2.6m. Nationally operating profit was £18.4m (2009: £19m), reflecting an operating margin of 14.3% (2009: 13.8%).
Pre-tax profit was £5.7m (2009: £4.4m) after financing, restructuring and other charges. The company paid £1.3m in bonuses to staff in the past year.
Mark Rawstron, regional senior director at GVA Grimley, said: "Considering the scale of the economic slowdown we have experienced, these are highly encouraging results that demonstrate our very robust and diverse business.
"There are of course still serious challenges facing the economy and their impact on the property sector, particularly in the public and banking sectors but our strength across all disciplines means we can be cautiously optimistic for the next 12 months and we will look to selectively recruit as business opportunities arise."
GVA Grimley reduced net bank debt from £41m in 2009 to £28m at the end of April 2010.
The chairman's statement accompanying the results said: "We expect market conditions to remain weak with low growth in the regions but with potentially stronger growth in central London and in our more defensive services and markets. We will adjust our business accordingly to continue to grow market share profitably. We will continue to lift out quality teams and individuals strengthening our divisions and regions and we will consider selective acquisition opportunities on their merits.
"We are a people business and the teamwork of Directors, clients and staff in achieving these results has been exemplary. We are grateful to both our clients and our staff for their continued support."