A bridge building and repair company that is one of the North East鈥檚 best known businesses fell to a small loss even as it saw revenues surge, new accounts reveal.
Cleveland Bridge, the Darlington company responsible for work on the Sydney Harbour Bridge and part of the new Wembley Stadium, has released accounts for 2019.
They show that the company鈥檚 revenues increased significantly to 拢48m, having stood at 拢36.9m a year earlier.
But the company returned an operating loss of 拢290,000.
The company said its performance had improved in the second half of 2019. Despite the historical nature of the accounts, the company has not added any post-year updates to outline its subsequent performance or how it was affected by the coronavirus pandemic.
The accounts say: 鈥淭urnover is 2019 was 拢48m (2018: 拢37M); this represents a 30% increase.
鈥淭he company continues to work in both the international and 海角视频 infrastructure sector, predominantly supplying bridges, and having re-enterd bridge refurbishment and related sectos in the year has successfully delivered projects on the Humber and Forth bridges and followed this up with a project on the River Trent that will run through 2020.
鈥淧olitical uncertainty, in both the 海角视频 and Sri Lanka in early 2019 meant delays on project starts, delaying revenue from first half year into the second half of the year.
鈥淭he success in securing a greater market share in the 海角视频 is demonstratd by the order book at the start of 2020 standing at over 拢76m, with further significant 海角视频 orders expected to arrive in 2020.鈥
The company said it would benefit from the Government鈥檚 commitment to investing in infrastructure, as well as a stabilising of the political situation in Sri Lanka.
It said infrastructure projects both in the 海角视频 and abroad provided 鈥渆xcellent long-term opportunities for the facilities, skills and experience of the company.鈥
Turnover for 2020 is forecast the exceed 2019 levels, it added.
Cleveland Bridge was founded in 1877 and has worked on structures including the Victoria Falls Bridge in Zimbabwe, the Tyne Bridge and the Shard in London. It has been part of the Saudi Arabian Al Rushaid Group since 2000.
The company this week announced that it had completed the installation of a new swing bridge that aims to improve road and canal traffic flow as part of a major highways scheme in Inverness, Scotland.
