Firm says new work opportunities are slowing down
Pre-tax profit at Keltbray slumped last year with the firm saying workloads at its largest business will continue to fall this year.
The firm, which is headed by Brendan Kerr (pictured), said turnover at its specialist contracting services arm, which works mainly in London, fell 12.5% in the year to October 2018 to £258.5m.
The division includes its demolition, groundworks and piling operations and in a note accompanying the results, Keltbray, which is working on Skanska’s Ropemaker scheme in the City, admitted “turnover will reduce again in 2019, primarily due to a slowing in new, early works opportunities”.
Keltbray also includes a rail business, which includes a civils division and an overhead line arm, with the firm saying it was looking at more acquisitions in the sector after the firm last summer bought the UK power distribution and transmission business owned by French rail specialist Spie.
Pre-tax profit at the group fell nearly a quarter to £17.8m on turnover down from £417.5m to £399m.