Esh steady after year of consolidation
After a big 2014 that saw the acquisition of Border Construction, Esh Group spent 2015 consolidating its operations.
The Durham-based firm, which has offices in Yorkshire, Cumbria and Scotland, generated turnover of £275m in the year to 31st December 2015 (2014: £277m).
Profit before tax was down 9% at £8.6m (2014: £9.5m), while cash balance was £29m.
Chief executive Brian Manning said: “2015 was always anticipated as a year of consolidation in terms of turnover given the growth in 2014.”
Esh’s turnover had grown 43% in 2014 on the back of the Border acquisition.
Mr Manning added: “Profit has been affected by a number of factors including; market conditions, investments in business outside the northeast and costs ahead of a major IT project.”
Esh Group employs more than 1,200 people across Scotland and the north of England. Work won in 2015 included a 10-year contract for Northumbrian Water.
Esh Property Services was appointed to the four-year Broadacres Framework, a £160m scheme for the construction of 1,600 homes in the northeast and Yorkshire over four years.
Development performance with Esh Homes and Esh Developments improved in 2015, as planning permission was secured for 450 houses and a retail development in Sunderland.
Looking ahead, Brian Manning added: “The construction industry is showing signs of sustained recovery and, with our strong cash position, Esh Group is well positioned to lead the new opportunities with our partners once areas such as devolution and the EU are more settled.”
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This article was published on 14 Jul 2016 (last updated on 14 Jul 2016).