Hull specialist engineering business C Spencer Ltd has delivered a positive trading performance in a year dominated by site closures.
The complex multi-discipline operator saw turnover dip 33 per cent from £63 million to £42 million, with profit down from £2.2 million to £500,000 in the year to March 31 - a period taking in the full impact of Covid.
It saw very low operating levels on sites, particular in the early part of the year, with restrictive working practices during lockdown causing delays on several projects and postponement of a number of newly-secured contracts.
Read more: Inaugural bridge award for Spencer Group's work above the Menai Strait
However, the new financial year was entered with a secured order book valued at £53 million, with a further £188 million of opportunities eyed further down the pipeline, working with major blue-chip clients.
Charlie Spencer OBE, founder and executive chairman of the rail, bridge and industrial specialist - an employer of 240 people - said: “Given the difficult circumstances over the past 18 months as a result of the pandemic, this is a positive set of results and our staff are to be commended for their efforts and commitment in what has been a very challenging period.
“We are now in the happy position of recruiting new staff to service our increasing order book.
“Despite the pandemic we have continued to recruit apprentices, primarily from Ron Dearing University Technical College in Hull, to join our apprenticeship programme and I am delighted to say this is having a fantastic impact on the business.
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“While we will always seek to add quality people to our existing team and are currently recruiting to support our expansion, we firmly believe in growing our own engineers and leaders of the future and see the high-level apprenticeship route as being pivotal to this strategy.”
Since the previous business year end, which had seen turnover up 17 per cent pre-Covid, the Humber Quays-headquartered company has resolved an ongoing dispute, securing a £3.8 million cash injection for works previously undertaken. This has provided a major boost to funds, enhancing working capital reserves and overall liquidity.
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