M&E contractor spent more than 拢12m on topping up salaries and redundancies
The impact of the covid-19 pandemic sent M&E contractor NG Bailey tumbling into the red last year as the firm said it spent more than 拢12m on redundancies and topping up the salaries of furloughed staff.
In its latest report and accounts, the firm sank to a 拢4.4m pre-tax loss in the year to 26 February 2021 from a 拢20.5m profit last time. Turnover was down 11.5% to 拢507m as the firm said some jobs were delayed or cancelled completely because of the pandemic.
It said it racked up an exceptional items bill of more than 拢12m, which included redundancy payments and the cost of topping up salaries of furloughed staff, although some of this expense was offset by the 拢7.7m it claimed from the government鈥檚 Coronavirus Job Retention Scheme.
NG Bailey, which worked on several Nightingale hospitals including those at Manchester and Harrogate, said the job cuts had been made 鈥渋n line with forecast activity levels in the short to medium-term following covid-19鈥�. The firm declined to say how many roles had been axed.
But it added that average headcount remained flat at around 3,200 because of a later recruitment drive for several 鈥渟ignificant鈥� contracts.
According to the report and accounts filed at Companies House for Its biggest business, engineering, the division saw turnover fall 12% to 拢294m with the business racking up a 拢10.2m pre-tax loss in the year to 26 February 2021 from a 拢16.6m profit last time.
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