Contractor warns on admin burdens as firm increases profit
Northern Ireland contractor Graham has said it is having to make sure dealing with extra red tape caused by Brexit and the ongoing materials shortages do not end up causing delays to jobs.
The firm, which turned in an improved profit in its latest set of accounts, admitted 鈥渢he added purchasing complexity and administrative burden brought on by Brexit and supply issues caused by the covid-19 pandemic could lead to costly delay[s] in materials being delivered to site鈥�.
The accounts, which were signed off at the end of last month, showed a 7% rise in pre-tax profit to 拢12.1m for the year to March.
The company said turnover slipped 5% to 拢808m, although it improved its cash position to 拢119m from 拢73m.
The accounts show that it claimed just over 拢6m from the government鈥檚 Coronavirus Job Retention Scheme.
It added that it has paid back 拢1.3m of the furlough money it received from the start of last July and said it stopped using the initiative, which is due to be wound up this September, in December last year as trading conditions improved.
It did not say how many staff were furloughed but in a statement said the scheme was used to 鈥減rotect the employment of 2,200+ staff鈥�.
Graham said those staff who had their wages temporarily reduced to preserve cash were paid back in full while the firm added that staff were handed a 鈥済ratitude payment鈥� in acknowledgement of their efforts during the year.
No comments yet