Clugston has reported a 40 per cent fall in turnover for the year ended 31 January 2010, the firm announced today.
Turnover at the building and logistics firm dropped to £90.4 million from £154.9m the previous year. Pre-tax profit was £1.5m in the financial year to January 2010, compared to £2.8m a year earlier, a fall of 46 per cent.
Clugston chairman John Clugston said: “Despite the economy beginning to emerge from recession in the fourth quarter of 2009, Clugston experienced significant reductions in activity levels throughout the year in both our construction and logistics business.
“It is our view that the medium term economic climate will remain difficult with a double dip recession remaining a distinct possibility.”
The firm’s construction business saw a reduction in operating profit but a renewed focus on sectors such as industrial, energy and waste should mean it is exposed to areas which will continue to grow in size despite the prevailing conditions.
It ended the financial year with £5.3m cash, compared to £8.2m a year earlier.