Firm racks up 拢3.5m restructuring bill in past three years as turnover dropped nearly a quarter last year, latest accounts reveal
Restructuring costs again dogged Byrne Group鈥檚 numbers with the firm shelling out a further 拢1.4m in redundancy payments last year to take its cumulative bill for exceptional items in the last three years to more than 拢3.5m.
The firm, which includes the Byrne Bros concrete arm and its building and fit-out business Ellmer, said the 拢1.4m came on top of the 拢1.6m and 拢593,000 it racked up in payments the two years previously.
Pre-tax profit in the year to June before exceptional items was 拢6.2m, up from 拢5.8m last time, but its redundancy bill dragged statutory pre-tax profit down by nearly 2% to just over 拢5m.
The average number of monthly staff at the business during the year dropped from 332 to 244, a fall of 27% and a one third reduction on the 366 it employed in the year to June 2019.
The firm said it received close to 拢308,000 last year in furlough money under the government鈥檚 Coronavirus Job Retention Scheme which officially came to an end yesterday. It claimed 拢886,000 under the initiative the previous year.
Byrne, which has been owned by South African builder Wilson Bayly Holmes-Ovcon since 2017, said several of its projects suffered 鈥渟ignificant delays鈥� because of the pandemic while 鈥渢ender opportunities were paused indefinitely鈥� meaning turnover fell 24% to 拢143m.
It added: 鈥淭his allowed us to consolidate the business to a smaller, more manageable size going into a very uncertain post covid market.鈥�
Schemes the firm鈥檚 concrete business is working on include an office scheme at Wood Wharf in Canary Wharf and the Peninsula Hotel overlooking Hyde Park in central London.
Byrne Bros saw income rise from 拢102m to 拢114m during the year but operating profit went down 拢700,000 to 拢5.1m.
But Ellmer, which is building offsite washrooms for Google鈥檚 offices in King鈥檚 Cross, as well as carrying out work on the new 拢230m Marylebone Lane hotel which has involved turning a former car park on Welbeck Street into a boutique hotel, saw revenue nosedive 65% to 拢29m 鈥� although operating profit more than doubled to 拢1.7m.
The group said cash rose from 拢27.8m to 拢31.5m.
No comments yet