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Ardmore sees dip in turnover and profits due to UK market conditions

Ardmore Construction’s turnover dipped slightly in 2013, with a sharper fall in operating and pre-tax profits.

The contractor’s revenue of £236.1m for the year to September 2013 was 1.5 per cent lower than in 2012. Pre-tax profit fell to £0.9m, three quarters below the £6.5m recorded the previous year, while operating profit was 44 per cent down at £2.2m.

Construction contracts revenue, the bulk of the firm’s turnover, saw a 1.2 per cent fall to £235.3m.

Ardmore attributed its fall in profits to the “ensuing market conditions in the UK”, but it said that it has ensured repeat business with its biggest clients.

The firm said in its strategic report contained in accounts filed to Companies House that its priority for this year and the previous year was to “increase turnover to the levels achieved in previous years”.

Ardmore increased its level of cash at bank and in hand by almost £6m to £18.2m.

It reported a strong order book having “secured a number of new contracts since 30 September 2013” and its appointment to a number of frameworks and industry panels, including the A2Dominion (South-east) Framework, the London Development Panel, the Catalyst Contractors Framework and the Circle Housing Framework.

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