For the year to 31st May 2019, PC Harrington Holdings Ltd made a pre-tax loss of £3.36m on turnover down 30% to £22.3m.
The previous year it had made a pre-tax loss of £6.9m.
Owner-director Pat Harrington said that the results “reflect a challenging year in which steps taken to address the main trading subsidiary’s project performance as well as group-wide management overheads were hampered by the insolvencies of three customers of HPC Frames and reductions in work secured by Slipform, Structural Systems (UK) and P&E Harrington Plant Hire”.
The reduction in turnover was attributed mainly to the decision of HPC Frames not to pursue new work during the year but focus just on finishing ongoing projects. HPC Frames’ turnover of £18.1m was down £6.5m on 2018.
PC Harrington Group, previously a £100m+ turnover business that built the concrete frame of Wembley Stadiuim, was put into a creditors voluntary liquidation in March 2019. The new group expects to benefit from a simpler structure going forwards, Pat Harrington said, by combining plant hire and the provision of management and support services.
At year-end PC Harrington Holdings Ltd recorded net assets of £13.5m (2018: £16.2m).
As of September 2020, Pat Harrington (who turns 83 next month) said that the group had completed its "onerous" contracts and he was now looking to “realise or better exploit the value of surplus property and plant and machinery in order to address the group’s borrowings and working capital position”.
The company is still paying more than £1m a year in interest payments on borrowings.
He added: “Having suffered some disruption including the cancellation of projects undertaken by Slipform due to Covid-19 earlier this calendar year, the group now aims to take advantage of the well-publicised government plans to stimulate economic growth through construction led initiatives."