Turnover also climbs at Qatari-Brookfield owned business

Canary Wharf Contractors has reported a 30-fold rise in pre-tax profit, from 拢2.3m in 2015 to 拢69.7m last year.

In its financial results for the year ended 31 December 2016, the firm reported growth in turnover to 拢148.4m (拢124.9m). Its cash reserves increased from 拢4.2m to 拢19.8m.

The contractor did not give an explanation for the spike in profit, with no exceptional items reported.

Canary Wharf Contractors now employs 325 staff, up from 271 in 2015.

The contractor鈥檚 live projects include the One Bank Street development at Heron Quays West, a 715,000 sq ft office building. 鈥淭he concrete core and substructure was completed and practical completion of the structure is anticipated in March 2019,鈥� the firm said.

Also at Heron Quays West, its parent Canary Wharf Holdings has secured planning consent for a 64,000 sq ft private members club.

In the Canary Wharf New District, an area to the east of One Canada Square, the contractor is building two residential buildings for the private rental market, which will provide a total of 501 apartments.

Canary Wharf Contractors said market confidence had been affected by Brexit, with the 鈥渇ull implications of the EU referendum鈥ot yet clear. In the meantime, there is likely to be uncertainty which will be unhelpful to confidence across the whole real estate sector.鈥�

The firm鈥檚 parent Canary Wharf Holdings in 2015.

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