Engineer reports “notable improvement” in the market as profit and revenue grow
Engineer Cundall has reported a 17% jump in pre-tax profit as its performance in the UK and across most of its international markets improved.
In accounts filed at Companies House for the year to 30 June 2014 the firm reported a pre-tax profit of £5.3m up from £4.5m the previous year.
It also reported a 10% increase in revenue to £28m up from £25.5m.
The firm, which is part of a Broadway Malyan-led team designing a new business district in Chengdu in China (pictured), said the market for engineering services in the year to 30 June 2014 had “improved notably” for the majority of its businesses.
Turnover in the UK, the firm’s largest geographical region, rose to £19.5m up from £17.2m. Turnover from the rest of Europe also rose to £1.8m from £1.5m and revenue from the Middle East and North Africa rose slightly to £1.94m from £1.86m.
However, turnover from the firm’s second largest market, Australasia and the Far East fell slightly to £4.87m from £4.89m.
The firm also did work in the Americas, which it did not do last year, that accounted for £6,792 of revenue.
Cundall also reported an increase in staff numbers to an average of 419, up from 373. This included a 15% rise in the number of technical staff to 316, up from 274.
However, the firm has since passed 500 staff in November this year. In the same month the firm appointed Parsons Brinckerhoff director Craig Winter as its building services partner, the latest in a series of partner appointments that also included Neil Dely and Belinda Morgan from engineers Buro Happold and RPS Group respectively.
Cundall also reported an improvement in the health of its balance sheet with a rise in the net assets attributable to member to £7.4m up from £5.3m.
This was helped by a fall in its provisions for liabilities from professional indemnity claims from £1.25m on 30 June 2013 down to £950,000 on 30June 2014. This included a provision of £450,000 for claims made during the year, which was offset by the release of £730,000 of provision that was not utilised.