Strong results for Keltbray Group
Company reports significant rise in pre-tax profit in 2016 but warns slower than expected growth for 2017
KELTBRAY, UK specialists in engineering, construction, demolition, decommissioning and remediation services, have announced an increase in turnover from £272.3 million to £369.4 million while profit before tax more than doubled to £23.6 million.
Brendan Kerr, chief executive of Keltbray, said he is pleased with the continued profit growth with margins and returns ahead in all divisions, for the full year ended 31 October 2016. In spite of the difficult market conditions brought on by Brexit, Mr Kerr remains positive about the future of the business, although he warned that turnover would increase slower than expected in 2017.
‘Our goal is to continue to provide an increasingly integrated portfolio of services and invest in our own high-value specialist plant capability,’ he commented. ‘These results reflect this strategy and the large and sometimes very complex technical contracts undertaken during the year. They have a higher risk profile, but deliver a higher potential for providing a return in line with the investment we are making to allow us to perform strongly on these contracts.’
He continued: ‘The outlook across the group is encouraging and last year we invested more than £15 million in new demolition, piling, rail and structures plant with improved safety features to position ourselves for further growth.’
Around 1,300 people work across the company’s three business divisions of environmental materials management, demolition & civil engineering and rail, all of which were said to have experienced steady growth during the year.
The business specializes in the management and remediation of contaminated materials. Key contracts secured include: the treatment of construction waste from the Thames Tideway Tunnel; and remediation works at the Timberyard Deptford and Crossness Sewage treatment works.