Profit doubles at concrete specialist Heyrod
Concrete frame contractor Heyrod, which is working on a series of high-profile schemes across Manchester and Liverpool, has more than doubled its profit in its latest full-year results.
The Oldham-based company saw pre-tax profit for the year to 31 March 2017 rise to £10.4m, up from £4.6m a year earlier. Turnover also increased by 41% over the same period, rising to £53.3m from £37.9m.
The company said it had expanded its client base significantly in the year, and is now working with Carillion, Interserve, John Sisk & Son, McLaren, Wates, and Worthington Group on a series of projects.
High-profile schemes currently on site include the 28-storey Axis development with main contractor Russells, designed by 5plus Architects; the first phase of the £700m Middlewood Locks project in Salford with BCEGI; and 125 Deansgate with developer and contractor Worthington Group.
It has also worked on Royal Liverpool University Hospital, and the £154m Angel Gardens private-rented tower in Manchester, both with main contractor Carillion.
Completed projects in the year include Allied London’s £80m No1 Spinningfields office development with main contractor Bam.
The directors added that while a number of project starts had been deferred, more schemes would get underway in the coming months.
Company directors also said that a number of legacy contracts were still “proving difficult to settle,” but these would be concluded by the end of 2017.
“The conclusion of these contracts will give a benefit to the business in the forthcoming year and will reinforce the very strong financial position we hold to take on additional works in a more favourable market,” said the company.
It also added it had “no need” to look outside of its traditional North West and North East markets due to “limited management resources and resources available in the labour market” in areas including London and the South East.
The company added 15 new employees in the year, increasing its total headcount to 128, up from 113 a year earlier.