M&E firm Maxwell Stewart has made 20 people redundant and restructured the firm to bring it back into profit.
Maxwell Stewart was hit by the collapse of main contractor Sunley Turriff, which was placed in administration last July.
Robert Stewart, Maxwell Stewart’s chairman, said the firm had just had its busiest year and completed some landmark projects.
He said: “We are alive and kicking and are moving forward again.”
Maxwell Stewart posted a pre-tax profit of £162,598 for the year ending 31 December 2003, however this was followed by a loss of £434,567 for the year ending 31 December 2002. Turnover rose to £16.3m from £15.7m the previous year.
We are alive and kicking and are moving forward again
Robert Stewart, chairman
Stewart added that a fresh group structure had been set up, in which the company’s maintenance division was now a separate company, called Maxwell Stewart Maintenance.
Stewart said: “The group structure is in place and there is a firm platform for the future with Maxwell Stewart Maintenance developing a national branch network.” He said that the company was leaner now that the redundancies had been made.
Stewart added that the start of 2004 was proving to be slow because of the downturn in the commercial sector.
He said: “But as always the company stands by its ethos, that it will not compromise quality.”