Eric Wright reports 'pleasing' profit in 'challenging year'
Bamber Bridge property and construction firm Eric Wright Group recorded pre-tax profits of £9.5m in the pandemic-hit 2020.
Overall turnover decreased from £223.2m to £204.6m, though gross profit increased from £14.8m up to £17.3m. This was largely driven by the continued growth of the residential business, the elimination of two loss making construction contracts in the prior year.
The group also successfully secured places on a number of key frameworks.
Eric Wright’s investment property portfolio performed well, ending the year at a value of £75.9m.
Gill Chadwick, group finance director, said: “2020 was an extremely challenging year for many and we are therefore pleased to report these results. We continue to benefit from the core stability and the diversity of our principal activities, with a strong balance sheet supported by long term investments and careful cash flow management.
"Despite the period of disruption and uncertainty, these factors continue to provide the group with resilience and confidence as we trade out of the pandemic."
Eric Wright Group managing director Jeremy Hartley added: "During this extremely difficult time for many businesses, we have continued to work closely with our partners and supply chain to support them in any way we could.
"This approach enabled us to successfully deliver a number of key projects on time across a range of sectors including residential, education, health, leisure, industrial, water and civil engineering."
- For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.