Fourth generation Hull building company Houlton is back in the black, having recovered from a 拢533,000 loss to deliver a strong profit on lower turnover.
The 142-year-old construction firm had been stung by a significant bad debt and Covid-related hold-ups as the pandemic bit as its 2019/20 financial year closed.
A customer went into administration, with Houlton hit by irrecoverable debts of 拢685,456.
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Now, despite revenues falling more than 20 per cent from 拢50.3 million to 拢39.4 million, it has returned a profit of 拢966,535.
Paul Dickerson, director, said 鈥渢he company is on track for a strong performance in 2022鈥 despite the continuing impact from coronavirus and trade and economic effects of Brexit.
鈥淭he company's activity levels remain strong against a backdrop of difficult market conditions, a positive sign reflecting the continued efforts and quality of our workforce,鈥 he said in the strategic report accompanying the results. 鈥淲e continue our long-standing relationships with clients on projects of varying sizes and locations across the region, and are well positioned for future challenges.
鈥淐oronavirus impacted the financial year with delays in commencing new projects, plus impacting productivity and material supplies and profits. The company has pulled through the worst of the pandemic and national lockdowns, and has managed to trade successfully whilst ensuring the continued health and wellbeing of its employees, clients and members of the public.鈥
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Sites closed as the first lockdown hit, with companies gradually opening up as measures were implemented and government advice was made clear.
Improved operating profit of 拢316,832 over 拢19,655 was credited to the outcomes of a strategic review of the Hyperion Street business following 2020鈥檚 losses and a 鈥渇ocus on risk management for current and future contracts鈥.
Staff numbers dropped from 143 to 137 in the period, with further consolidation flagged recently by life president Richard Houlton.
Mr Dickerson added: 鈥淓nd of the year the company has secured a forward order book in excess of 拢22.3 million in both public and private sectors, with a strong pipeline of future opportunities and carries renewed positive momentum as it heads into 2022.鈥
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