M&E contractor Emcor posted a 10% drop in turnover to £320m in 2009, although pre-tax profit was up to £11.2m from £10.9m
The London-based firm said market conditions remained “challenging”, and its decision to leave the rail sector had hit its performance.
Despite this, Emcor remains in a strong cash position, having grown its reserves from £53m to £67m over the year, and it pointed to growth in its facilities services business.
Emcor specialises in the design, installation and maintenance of M&E services and is currently working on the Royal Broadgreen hospital in Liverpool as part of a pilot project for Procure 21. It also won the M&E contract on a £34m revamp of Liverpool museum and worked on the £800m extension of St Pancras station.
The figures show the financial situation at the firm stabilised in 2009, following a £6.1m loss in 2008 that prompted changes to the senior management team.
In November 2008 Keith Chanter replaced Tony Whale as finance director, and Nick Morris became managing director of Emcor Facilities Services.
Over the year staff numbers and salaries remained broadly static with 3,163 workers across the UK earning an average £33,213. The salary of the highest paid director increased from £406,000 to £438,000.