Civil engineering specialist Clancy Docwra saw pre-tax profit slide from £2.2m last year to just £25,800 after being impacted by two problem infrastructure projects.
Joint chairman Kevin Clancy said the firm was making steady progress recovering a dip in turnover in 2016, with a 3.4% rise to £267m.
The firm also revealed chief finance officer Matt Mussell left the group at the end of September after nearly 10 years.
Clancy said: “Our strategy continues to be to retain our position in the water and energy sectors, while expanding our client base in transportation, infrastructure civils and multi-utility sectors.
“In this regard, we are pleased to report a consistent performance from our water business and a developing contribution from business in the energy sector, along with a strong order book that includes frameworks with a potential to last up to 2023.”
He said that operational costs starting up energy frameworks with Scottish Power and Northern Power Grid had caused some financial challenges, which would be overcome in 2017/18.
The infrastructure civils division, which specialises in specialises in utility diversions for strategic developments as well as district heating, was caught up in two significant contractual disputes, which were expected to be resolved in 2017/18.
Over the year to March 2017, Clancy’s headcount rose by around 6% to 2,275.
from Construction Enquirer http://www.constructionenquirer.com/2017/11/20/clancy-docwra-breaks-even-after-slide-in-profit/
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