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Triton stays in profit despite headwinds

14 Aug 20 Triton Construction has endured a pretty torrid past year, what with one thing and another, but it weathered storms to remain profitable and debt free.

Michael Parkinson founded Triton Construction in 2005
Michael Parkinson founded Triton Construction in 2005

Turnover for the Liversedge-based construction company was down 42% for the year ending 31st March 2020 – at £32.4m (2019: £55.6m). Pre-tax profit was down 50% to £1.3m (2019: £2.6m).

The company has no formal debt or borrowings and maintains positive bank balances.

Despite the fall in turnover, employee numbers grew from 61 to 65 during the year.

Chairman Michael Parkinson wrote in the annual report: “Brexit uncertainty, compounded by the general election, all contributed to an overall suppression of industry sector confidence. More recently we have seen even greater business disruption from the coronavirus pandemic, which is set to further impact the economy for the next year at least. Notwithstanding the above, Triton have performed satisfactorily throughout and maintained levels of profit above the industry norm, albeit understandably down from previous years.”

He added: “Throughout the lockdown, we have managed to continue to trade at a reduced level, and by controlling our cost base, have maintained a profitable business. Cash in the company remains strong and there has been no requirement for government loans or borrowing.”

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