Eric Wright reports revenue growth
Bamber Bridge-based property and construction group Eric Wright has reported its financial results, showing an increase in turnover from £170m to £223m.
Profit before tax for the year was £7.7m, compared with £10m in 2018.
One of the strongest growth areas was that of Eric Wright Civil Engineering which returned to profit as a result of the board’s strategy to improve turnover levels through expanding the customer base and increasing average project size.
Eric Wright Water also saw an increase in turnover from £42m to £50m as the company expanded its geographical reach and won places on key frameworks.
The construction division saw turnover increase from £74m to £106m. However, this was principally as a result of start dates on a number of projects being delayed from previous years and, because of two underperforming contracts, resulted in a loss.
The group's other interests, including Maple Grove Developments, Applethwaite Homes and its facilities management and health and care divisions, all performed well.
Gill Chadwick, Eric Wright Group finance director, said: "Although we have seen a drop in overall profit, underlying trading remained strong with improved profitability in a number of key divisions. We continue to make good progress in meeting our group targets and expanding our customer bases whilst at the same time developing the existing relationships which have underpinned many of our successes.”
Jeremy Hartley, managing director of Eric Wright Group, added: "The focus for 2020 will be to maintain an active, ongoing response to the changing environments within each business area and to prioritise the safety and wellbeing of our staff.
"Given the unforeseen and far reaching difficulties presented in 2020 by Covid-19, each division is faced with its own unique challenges as we trade into a very changed world. We are fortunate to operate in a number of sectors where the demand has proved resilient and we have a strong financial position which will support us as we adjust to the requirements of trading safely and successfully in the months ahead."
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