Wrekin pins hopes on long-term framework agreements for growth
Wrekin, the utilities, civils and building contractor, has announced a full of profit for the year ended 2003. Pre-tax profits fell from £2m in 2002 to £475,000 while turnover increased by £100,000 to £101.6m.
The company blamed the fall in profit on two design and build projects for food processing facilities. Stephen Hallett, chairman of Wrekin said: “While we remain confident of a satisfactory outcome it is onlyprudent to make provisions in the 2003 figures.”
Hallett said that the company was concentrating on securing long-term framework agreements. “Since the year end the Group has been awarded the Highways Term Construction Contract for Staffordshire County Council and the contract for the provision of External Networks Installation Services for BT in Wales. Together these contracts alone are worth in the order of £140m over their lifetimes.”