One of Northern Ireland’s biggest construction companies Graham managed to weather the impact of the Covid-19 pandemic to grow its profits over the last year while also lining up a record pipeline of work for the future.
In its latest accounts the business said it made £12 million in the 12 months to the end of March 2021, a 7% hike on the previous year. The profit jump came despite a drop in revenue of £45 million to £808 million.
The business said the pandemic initially hit the business hard, knocking around £100 million off revenue expectations for the April 2020 to June 2020 period, but by using the job retention scheme during that period it was able to protect the roles of some 2,200 staff.
Given the robust performance of the business since then, it has repaid the salaries of all workers who had their pay reduced while on furlough and also made a gratitude payment to all staff.
It also said an increase of cash at bank and in hand to £118.9 million from £72.9 million has allowed it to pay suppliers more quickly.
Graham is one of Northern Ireland’s biggest companies and is involved in major contracts across the UK and Ireland including the construction of University of St Andrews Music Centre, Copper House in Liverpool, Tilbury 2 at the Port of Tilbury and the A6 in Northern Ireland.
It now has a record pipeline of work totalling £1.7 billion.
“Without question, this has been a particularly challenging period for every contractor in the construction industry,” Michael Graham, GRAHAM Group Executive Chairman. “This makes our latest financial figures even more impressive.
“In such an unprecedented time for wider society, our priority was simultaneously ensuring the health and safety of all of our people while protecting the future of our business. A sensible, pragmatic leadership approach has helped us to achieve these twin objectives.
“Throughout the pandemic, our staff, supply chain and subcontractors have gone above and beyond. I want to thank each of them and their families for their immense efforts.”
