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Sun October 20 2019

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Cleveland Bridge blames Brexit for profit collapse

1 Oct After a strong 2017, steelwork contractor Cleveland Bridge’s 2018 accounts show a dramatic fall in turnover and profit.

In the year to 31st December 2018 Cleveland Bridge UK’s turnover fell 27% to £37m (2017: £50.6m) and pre-tax profit was down 65% to £1.17m (2017: £3.33m).

Operating profit was down 64% to £1.2m (2017: £3.35m).

However, it was the company’s fourth consecutive year of profits since its Saudi Arabian owners put in new management in 2015. The Darlington-based company is owned by Al Rushaid Petroleum Investment Company.

Chief financial officer Phil Heathcock said: “The investments we have made in people, processes and technology has ensured Cleveland Bridge UK Ltd has remained profitable in an uncertain market.  The Brexit effect has been negative on UK construction order flow, but we have remained agile and competitive, alongside our reputation for consistently delivering projects to satisfied customers, enabling the company to continue to return positive financial results.”

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