Keltbray posts loss in 'year of human accomplishment'

Specialist engineering and construction business Keltbray made a pre-tax loss of £9.4m for the year ended 31 October 2020, which it said was driven by the costs of COVID-19, as well as restructuring costs.

The company has published its Annual Report and Consolidated Financial Statements, which it said reveals a new core purpose: ‘To redefine the way sustainable development is delivered’.

It said this was ‘part of its drive to support its customers’ environmental, social and economic goals and contribute towards the decarbonisation of the built environment’.

Keltbray said that despite a challenging year, against a backdrop of COVID-19 and market uncertainty, the Group posted a resilient performance.

The group made a loss before tax of £9.4m, ‘driven by the costs of COVID-19, the revenue impact of temporary site closures and delayed projects, and restructuring costs, predominantly within the Built Environment businesses’.

Earnings were £3.3m, ‘with a good underlying performance across its Infrastructure businesses which were largely unaffected by the Covid-19 pandemic,’ the company said.

Group executive chairman Brendan Kerr said: ‘As I reflect on the year, my overwhelming feeling is one of pride for the tremendous work that my executive team and all my colleagues across Keltbray have done to face the challenges head on, continue to deliver the essential services our customers and the wider UK demand, and protect the business for the future. Beyond any financial metrics, it truly has been a year of human accomplishment.’

Group chief executive Darren James said: ‘Our long-term aim is to become a more sustainably profitable specialist engineering business by investing in our talented workforce, innovative engineering technologies and core self-delivery capabilities. We will target opportunities in sectors that most benefit from the certainty of our innovative approach.

'This approach is reinforced in our new core purpose. This, along with our strong governance, bodes well for the future of Keltbray.’

Keltbray recently secured a £14.1m package to deliver 14 bridge structures on the A30 Chiverton to Carland Cross scheme.

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