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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.
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