Contractor鈥檚 full-year results show turnover down 43% but loss is reversed
Shepherd Construction has reversed last year鈥檚 loss to turn a small profit, its annual results revealed today.
It followed last year鈥檚 拢10.5m loss with a small profit for the year to June 2010 of just 拢61,000.
This contractor said that its profit was restricted by wider economic conditions and by an outlay of 拢2.2m on redundancy costs as part of a restructuring process.
Turnover fell 43%, however, down from 拢326.9m to 拢185.2m this year, which the firm attributed to 鈥渕arket conditions and project slippage鈥�.
An operating loss last year of 拢16.8m was reduced to 拢2.1m in the year to June 2010.
The firm鈥檚 balance sheet remained stable during the year, with net assets remaining at 拢16m.
Shepherd said it was focusing on the elimination loss-making projects, active management of the risks of economic uncertainty, and retaining and recruiting suitable employees.
The contractor said: 鈥淭he business is now in a stable situation鈥� and is therefore in a good position to grow profitably.鈥�
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