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Carey Group increases profit on reduced turnover

5 Oct 11 Middlesex-based construction outfit Carey Group has enjoyed a healthy increase in profit for the year ending 31 March 2011.

The firm’s pre-tax profit rose to £7.8m from just £800,000 for the previous 12 months.

Turnover was down slightly at £165.6m (31 March 2010: £174.9m).

Carey reduced its net debt during the year from £28.3m to £9.2m after a refinancing arrangement and has "sufficient banking facilities in place for 12 months”.

Its cash position is marginally worse than a year ago at £3.2m (31 March 2010: £3.8m).

Net assets increased to £40.7m (31 March 2010: £35.6m).

Pension liabilities were reduced from £2.3m to £800,000.

The family-owned Carey Group provides civil engineering, construction, concrete structures, and demolition services throughout the UK. It also has a development arm.

Carey’s head office is at Wembley in Middlesex, with other offices in Ireland, Livingston, and Milton Keynes.

The decline in turnover was due to a reduction in contracting income and residential sales, said chairman John Carey. 

“During 2010, all the group’s divisions reviewed and consolidated their resources to ensure competitiveness was maintained,” he explained. 

“Despite the economic situation affecting construction, the contracting divisions within the group have made progress in securing contracts across a wide range of sectors… and we are confident that the diversity of this client base will mitigate the effects of the slowdown.

“Our land and development division is pursuing planning permission from local authorities on a number of sites.

“Housing sales are in line with our budget. The company is in a strong position with no development loans or borrowings and can build according to market demand. We have approximately 400 plots available for this purpose.”

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