We are thrilled to announce our record year with Meldrum Construction Services Group posting a £1.2m pre-tax profit for the year to November 30, 2019, with a £21.5m turnover. This follows a previous loss-making year which the Group was hit by major delays on two of its flagship projects.
Following our 18-month strategic review of the business which has led to us achieving a record profit and in strong shape for the future. Employing almost 200 people, we are confident we can build on our continued growth, with a strong order book of repeat business from existing clients and significant project pipeline for the rest of this year and into 2021.
The strong outlook comes after a major strategic review of the business which began in late 2018 and led to the formation of a new group structure. It also led to the creation of new divisions within the group, including a dedicated facilities management business, which is identified as being a key area of future growth.
Despite the economic challenges presented by the Coronavirus pandemic, we have continued to trade throughout the period, although some work has been subject to delay, and the dominance of contracts in its order book with public sector and blue-chip clients enable us to remain confident for 2020 and beyond.
Dave Meldrum said: “We are in a strong position going forward and are delighted to report our most profitable year to date in our 20year history. We can look to the future with confidence. Our strategic review of the business has left us in great shape, having created our new group formation and we are now more able than ever to drive accountability and responsibility down to delivery level.
“We are ideally placed to build on the strong progress we have made and are confident of further growth during this year and into the future. While clearly the Coronavirus pandemic will have an effect on us, as it will on every business, we believe we will still be able to achieve our targets for 2020, which is a great position to be in.”