Contractor suffers slide in profits, but turnover remains stable
Contractor Ardmore posted a 77% drop in pre-tax profit for the year to 30 September 2013.
The London-headquartered contractor founded by Irish brothers Cormac and Patrick Byrne posted pre-tax profit of 拢902,000 for the period, down from 拢4m the previous year.
Turnover was more stable, falling just 1.5% to 拢236.1m, down from 拢239.6m.
In a statement accompanying the accounts, co-founder Patrick Byrne said: 鈥淭he decrease in [鈥 profit in the year is due to the ensuing market conditions in the UK.
He added: 鈥淒espite the relatively difficult market conditions the directors are satisfied with the results for the year.
鈥淭he stability in turnover was welcome. In still relatively difficult markets, the group has ensured repeat business with its biggest clients, a growth in construction with housing associations and the public sector and commenced some key landmark jobs in the year.鈥�
The firm鈥檚 average number of employees increased by 22 to 329, up from 307, while the firm鈥檚 wage bill went up by 拢789,000 to 拢14m.
The firm also posted a 76% drop in operating profit 鈥� which strips out finance costs 鈥� to 拢2.2m, down from 拢6.5m the previous year.
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