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Mon June 14 2021

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Robertson shows resilience to headwinds

12 May Roberston Construction Group remained firmly in profit last year despite a longer shutdown in Scotland and a substantial drop in revenues.

Roberston Construction Group made a pre-tax profit of £14.4m for the 15-month period to 30th June 2020, despite incurring charges of £7.9m in relation to Covid-19.

Having changed it financial year-end, turnover for the 15-month reporting period was down 16% on the previous full year, at £513.2m (2019: £609.4m). Pro rata, however, turnover was down 33%.

Similarly that £14.4m pre-tax profit for the 15 months was down 64%, pro rata, on the £32.2m result for the year to 31st March 2019.

The fall in revenue was attributed not just to pandemic disruptions but also the completion of the £333m Event Complex Aberdeen project for Henry Boot during the year, which had contributed a full year of revenue in the previous financial year.

Total net cash held on 30th June 2020 was £87.3m (2019: £117.4m).

Finance director Irene Wilson said in the annual report: “The effects of Covid-19 hit us in the middle of March when the UK went into lockdown. Our sites in England continued to operate, whilst adapting to health and safety measures necessary to ensure the safety of out workforce and subcontractor base. However, in Scotland the majority of our sites closed until the middle of June.

“Despite the challenges arising from the pandemic, the group performed well, within an ever-changing market place and adapting our strategy to meet these challenges. Our longer-term strategy continues to have a positive effect on the business and we have a solid capital base.”

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