Byrne Group has bounced back from a loss in 2018 to report a pre-tax profit of £5.7m for the year ending 30 June 2019.
In its previous year, it reported a pre-tax loss of £8.2m. The loss was blamed on projects being “significantly delayed”, which led to revenue plunging from £321.7m to £138.7m.
Cutting its overhead costs along with a pick-up in work helped the company return to profit and revenue increase to £203m.
The turnaround was led by the firm’s main subsidiary, concrete frame specialist Byrne Bros, which went from EBITDA of -£3m in 2018 to £7m in its most recent year.
Turnover for the division almost doubled from £72m to £127m.
Group chief executive Michael Byrne said: “A solid performance during the year demonstrates that our technical skills continue to be in demand from our core client base.
“Looking ahead, continued profitability is expected, supported by a strong secured order book and the pipeline of opportunities is good.”
The concrete frame division has secured orders on the 42 and 56-storey towers at One Nine Elms near Battersea and Damac One London, which comprises two towers at 24 and 51 storeys, also in Nine Elms. Multiplex is the main contractor on both projects.
Byrne Group’s refurbishment, new-build and fit-out company Ellmer Construction increased turnover from £66m to £77m in the year with EBITDA doubling from £1m to £2m.
In June 2018, South African construction company WBHO acquired a controlling stake in Byrne Group following on from its purchase of 40 per cent of the company for £12m in June 2017.
The firm’s previous drop in revenue for the year to June 2018 saw Byrne Group drop 55 places in the latest CN100, published earlier this month.
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