Contractor says impact of Ukraine war hits bottom line
Demolition contractor Brown & Mason Group saw profit slip last year as the firm said the impact of the war in Ukraine hit its bottom line.
Pre-tax profit fell 85% to £518,000 on turnover down 2% to £50m in the year to April 2023.
The firm was one of 10 demolition contractors fined last year by the Competition and Markets Authority (CMA) following its probe into bid-rigging in the sector.
It was hit with a £2.4m penalty and last May Nicholas Brown, managing director of the Brown & Mason Group, and before managing director of Brown & Mason for five years until it went into administration in September 2020, was disqualified from being a director for seven years.
His penalty was due to start last July but an update in Brown & Mason’s accounts, signed off last week, says this has been suspended pending an appeal by Brown which finished last October and a final verdict on which has still to be made.
Brown & Mason said it had appointed a non-executive director responsible for compliance to its board in the wake of the CMA investigation.
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