Building services contractor Lorne Stewart said it has managed to maintain its profit levels in 2010 despite turnover falling by £10 million to £173m.
The group’s turnover for the year ending 31 December 2010 was lower than the £183m recorded in 2009, but pre-tax profit dipped only marginally to £6m, down from £6.3m in 2009.
At the same time the firm managed to improve its cash position from £28m in 2009 to £37m last year.
Lorne Stewart chairman Tarek AbuZayyad said: “Given the challenging market conditions faced by the construction industry as a whole I am delighted with these results which are fully in line with our targets and expectations and are testament to the quality and commitment of the staff we employ.
“Lorne Stewart’s pipeline of sales prospects, strong forward visibility of revenue stream from our long term contracts and strong financial footing position us well for further progress in 2011 and thereafter.”
The firm retained several key contracts in 2010 such as facilities management for Merseyrail and an enlarged contract with Barclays Bank. A significant new contract with Cornwall County Council has also been secured.
The contracting business has successfully delivered a number of key projects throughout the year including One Hyde Park, Northwood MOD, Gloucester Royal Hospital and Carmel College. In addition to this the business has secured further contracts on the various Health, Custodial and Defence framework schemes with which it is involved.