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Wed July 28 2021

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Graham posts 7% rise in profit

12 Jul Construction contractor John Graham seems to have come through the first year of the Covid pandemic in pretty reasonable health.

For the year to 31st March 2020, John Graham Holdings saw a 5.3% fall in revenue to £808.1m (2020: £853.3m) due to a marked slowing in April to June after the first national lockdown was called.

However, as new operating procedures were adopted across the construction industry and Graham got back on sites, by the end of the year profit before tax had increased by 7% to £12.1m (2020: £11.3m).

Each division within the group remained profitable.

When the pandemic arrived, Graham cut its costs and took advantage of the government’s furlough programme. However, it stopped using the coronavirus job retention scheme in December 2020 and all CJRS grants received after 1st July were repaid.

At the end of the year cash at bank and in hand had increased to £118.9m (2020: £72.9m).

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