Engineer reports 鈥渘otable improvement鈥 in the market as profit and revenue grow
Engineer Cundall has reported a 17% jump in pre-tax profit as its performance in the UK and across most of its international markets improved.
In accounts filed at Companies House for the year to 30 June 2014 the firm reported a pre-tax profit of 拢5.3m up from 拢4.5m the previous year.
It also reported a 10% increase in revenue to 拢28m up from 拢25.5m.
The firm, which is part of a Broadway Malyan-led team designing a new business district in Chengdu in China (pictured), said the market for engineering services in the year to 30 June 2014 had 鈥渋mproved notably鈥 for the majority of its businesses.
Turnover in the UK, the firm鈥檚 largest geographical region, rose to 拢19.5m up from 拢17.2m. Turnover from the rest of Europe also rose to 拢1.8m from 拢1.5m and revenue from the Middle East and North Africa rose slightly to 拢1.94m from 拢1.86m.
However, turnover from the firm鈥檚 second largest market, Australasia and the Far East fell slightly to 拢4.87m from 拢4.89m.
The firm also did work in the Americas, which it did not do last year, that accounted for 拢6,792 of revenue.
Cundall also reported an increase in staff numbers to an average of 419, up from 373. This included a 15% rise in the number of technical staff to 316, up from 274.
However, the firm has since passed 500 staff in November this year. In the same month the firm appointed Parsons Brinckerhoff director Craig Winter as its building services partner, the latest in a series of partner appointments that also included Neil Dely and Belinda Morgan from engineers Buro Happold and RPS Group respectively.
Cundall also reported an improvement in the health of its balance sheet with a rise in the net assets attributable to member to 拢7.4m up from 拢5.3m.
This was helped by a fall in its provisions for liabilities from professional indemnity claims from 拢1.25m on 30 June 2013 down to 拢950,000 on 30June 2014. This included a provision of 拢450,000 for claims made during the year, which was offset by the release of 拢730,000 of provision that was not utilised.
No comments yet