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News » UK » Clugston profits shrink 80% in two years » published 20 Jul 2017

Clugston profits shrink 80% in two years

Delays to project starts impacted on revenues at the privately-owned Clugston Group last year and profits have shrunk again.

Clugston chief executive Robert Vickers (David Lee Photography Ltd) Above: Clugston chief executive Robert Vickers (David Lee Photography Ltd)

For the 2016/17 financial year, Clugston made a £1m pre-tax profit (2015/16: £1.6m) on turnover down 18% to £118.2m (2015/16: £143.4m.)

It has been a tough couple for years for Clugston. In 2014/15 it made £4.7m pre-tax profit on £160m turnover. In two years, therefore, profits have fallen nearly 80%.

But chief executive Bob Vickers, who joined the business from Carillion in February when Stephen Martin left to run the Institute of Directors, was upbeat about prospects.

 “Whilst a challenging year, primarily due to delayed projects, our strong results are a reflection of the quality of our people across the group,” he said. “We have delivered another strong financial performance, with solid profitability, substantial cash balances of £18m and no bank borrowings.”

He added: “We remain very positive about the opportunities to grow the business and with a forward order book already secured sufficient to generate a turnover in excess of £170m this current term, we are well positioned to capitalise on the growth potential in our target markets, with a substantial pipeline in place for the following years.”

Projects completed by Clugston's Construction division last year, which recorded a turnover of £101.6m, included a new Ikea store in Sheffield and a Jaguar Land Rover showroom for Duckworth JLR in Boston.

 

 

MPU

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This article was published on 20 Jul 2017 (last updated on 20 Jul 2017).

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