Profit falls to £8.2m
Graham has seen its pre-tax profit tumble by more than a third in its latest financial results.
In its results for the 2018/19 financial year the contractor, which is currently working on a 383-unit build-to-rent development on Liverpool’s waterfront (pictured), said pre-tax profit was down to £8.2m from £13.1m in 2017/18.
Turnover also dipped - albeit by just 4% to £723m from £767.6m the year before.
Michael Graham, chairman at Graham, downplayed the dip in profit, saying the results showed "stability".
He said: “These latest accounts indicate stability, particularly as we recorded profits across all of our divisions. This will provide us with a solid platform to continue to grow sustainably.
“We have also produced a healthy balance sheet, with strong cash balances of £63m and no trading debt. Our intent is to continue to invest in the balance sheet to ensure that we can be selective about the projects we work on and the partners we work with."
He said the current order book stood at £1.2bn and forecast a revenue of £875m for 2018/19.
At the same time as it announced its results the contractor revealed it had launched a new five-year business straregy called Forward Momentum.
As part of this strategy Graham said the firm would post margins of more than 3% in 2020.
He also said that the plan was to have the business operating on a turnover of between £850m and £900m.
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