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Eric Wright 2014 results show profit up towards £10m barrier

Eric Wright Group has posted a profit of £9.6m for the year to 31 December 2014, driven by strong performance in its property development division.

The Preston-based firm boosted profit before tax by 41 per cent to £9.6m, up from £6.8m reported the previous year.

Turnover for the year reached £161m, up from £152m in the firm’s previous results.

Eric Wright’s construction division, however, reported a relative slowdown, with turnover dropping to £94m from £101m the previous year.

Profit in construction fell to £0.3m, down from £0.4m, with the firm attributing this to increased lead times for key materials, making it “problematic to deliver 2013 contracts on programme and without cost over-run”.

Recent contract wins for the construction division include a £70m mixed-use scheme in Altrincham, Greater Manchester, (pictured), home to non-league football club Altrincham FC.

Profit in the company’s civil engineering division was static at £0.1m, while turnover fell slightly to £28.3m, down from £29.1m.

Eric Wright’s property development division boosted turnover from £1.8m in 2013 to £23.1m in 2014.

The division also returned to a profit of £1.4m for 2014, having posted a £0.3m loss in 2013.

The firm’s facilities management arm also posted turnover growth, which rose to £12m from £11.2m in 2013, but profit fell slightly, down to £2.2m from £2.5m in its previous year.

Commenting on the results, Eric Wright Group managing director Jeremy Hartley said: “The figures are testament to another strong year for the group as a whole, with all key operating divisions showing positive signs that the recovery in the economy is sustainable.

“Relationships are the core of any successful business and by having a presence nearer to our projects, key clients and partner organisations, we become far better-placed to continue to deliver the high-quality service that we pride ourselves on.

“The North of England is definitely seeing a strong upturn in both development and construction activity, supported hugely by the likes of the ‘Northern powerhouse’, Enterprise Zones and Preston, South Ribble and Lancashire City Deal.

“It’s therefore an ideal time to invest in expanding our presence in the heart of the region in support of our future growth plans.”

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