Keltbray Group, the United Kingdom-based business whose services include demolition, decommissioning and remediation, has announced significant increases in turnover and profit for the year ending October 31, 2016.
The company also said it expects a further increase this year – though it admitted this may be slower due to the uncertain nature of the impact of the Brexit process.
Group revenues last year were up by over a third to almost £370 million (US $478 million) while the profit before tax of £23.6 million ($30.5 million) was more than double the 2015 figure.
The group’s demolition and civil engineering division posted a 23% increase in turnover to £248 million ($320 million), with major projects during the year including London Bridge, Earl’s Court, Sellafield Power Station in Cumbria and Dundee Waterfront in Scotland.
“We remain focused on continuing to build on our expertise as a specialist contractor which employs, manages and trains our own people,” said CEO Brendan Kerr.
“Our goal is to continue to provide an increasingly integrated portfolio of services and invest in our own high-value specialist plant capability.
“These results reflect this strategy and the large and sometimes very complex technical contracts undertaken in the year, which have a higher risk profile, but provide a higher potential for providing a return in line with the investment we are making to enable us to self-perform these contracts.
“While enquiries started to slow down towards the end of the year and the impact of Brexit remains uncertain, we do expect turnover to increase further in 2017, albeit at a slower pace.
“The outlook across the Group is encouraging and last year we invested more than £15 million ($19.4 million) in new demolition, piling, rail and structures plant with improved safety features to position ourselves for further growth.”
Keltbray employs more than 1,000 people and has been in operation since 1976.