Keltbray Group’s profits before tax in its last financial year more than doubled to £23.6M from £10.4M, driven by its piling and rail work.
Releasing the results for the year ending 31 October 2016, turnover also increased from £272.3M to £369.4M. It has three divisions: demolition and civil engineering, rail, and environmental materials management.
It said it expects turnover to increase this year, although at a slower place, in part because of Brexit causing uncertainties.
Keltbray chief executive Brendan Kerr said: “Our goal is to continue to provide an increasingly integrated portfolio of services and invest in our own high-value specialist plant capability. These results reflect this strategy and the large and sometimes very complex technical contracts undertaken in the year, which have a higher risk profile, but provide a higher potential for providing a return in line with the investment we are making to enable us to self-perform these contracts.”
Within the demolition and civil engineering division, turnover was up 23% from 2015, to £248M. This was driven by the piling business and Keltbray Environmental Solutions.
Rail saw a huge increase in turnover of 85% to £100m. The firm said: “After many projects were put on hold by the industry in 2015, this business stream regained its projected growth in 2016 by securing frameworks and long-term contracts for Crossrail, Great Western Mainline and Network Rail, although the sector margins remain challenging due to budgetary pressures.”