John F Hunt reports 拢381,000 loss but confident of weathering recession as income rises 62%
Demolition contractor John F Hunt fell 拢381,000 into the red in 2008 but insisted the company was well-placed to survive the recession.
The pre-tax loss last year compared with a profit of 拢1.9m in the previous year.
Despite the fall, turnover at the Essex-based company rose 62% from 拢22.2m to 拢35.8m in the year to 31 March 2008, according to documents filed at Companies House.
Administrative expenses of 拢3.9m were blamed for loss, but the group did not reveal what the sum related to.
The statement said: 鈥淭he group is now operating at a level of turnover that is sufficient to cover overheads and generate a suitable level of operating and net profit.鈥�
It added: 鈥淭he directors consider trading prospects to be satisfactory for the immediate future after due consideration has been given to the challenging current market in which the group operates and also the condition of the general UK economy, and after taking appropriate steps to ensure that the group remains competitive in an ever demanding environment.鈥�
It ended the year with net debt of 拢4.6m, down from 拢7m the previous year.
The pay of the highest-paid director more than doubled from 拢54,000 to 拢113,794.
