French-owned contractor Norwest Holst remained in the black after its profit after tax rose to £6.3m from £5.5m last year. The firm, which is part of SGE Groupe, has recovered from six-figure losses in the early 1990s. Its turnover in the year to 31 December 1998 hit £313m – up 10% on 1997.
Its annual statement reported an improving market throughout the year, with the exception of the industrial and social housing sectors.
It said that the social market offered "unacceptably low margins" and that the firm had withdrawn from the sector as a result.
Norwest Holst is trying to be more selective about the work it takes on, and is ncreasing the amount of negotiated and partnered work it wins.
The firm is positive about its prospects for 1999, having secured £200m of work, which constitutes more than 70% of the year's budgeted turnover.
- Norwest Holst and engineer Pell Frischmann are part of a consortium that has been selected as preferred bidder to develop buildings for two schools in Staffordshire.
