Kelbray’s accounts for the year to 31st October 2018 show an operating profit of £17.9m and profit before tax of £17.8m, both down 24% on the previous year.
Turnover was down 4% to £399m against a backdrop of a tightening market and a reduction in activity in the company’s core sectors.
However, with recent acquisitions opening up new markets, chief executive Brendan Kerr is expecting turnover to come close to £500m this year.
In July 2018 Keltbray bought Spie’s powerline business. This has now been re-branded as Keltbray Distribution & Transmission (KDT).
It has also taken 75% of Lagan Power Limited, which has been rebranded Keltbray Lagan Power Limited, and in August 2018 formed a Canadian joint venture for rail overhead line electrification works.
“I’m pleased with the progress made so far by our diversification strategy to maintain controlled and profitable growth,” said chief executive Brendan Kerr. “Our efforts have resulted in a good spread of turnover among our companies during the 2017/2018 period with the growth in both reinforced concrete structures and power stations decommissioning helping to offset falls in our traditional markets.
“We remain committed to our specialist contractor roots and the continuing investment in our self-delivery model. To employ, manage and train our own employees using our own specialist plant and equipment means we have a mitigation strategy to meet the challenging conditions we currently find ourselves operating in. We are contemplating further acquisitions to continue our diversification strategy and our directors are optimistic of continued revenue growth in 2019.”