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Leadbitter turnover down but profits flat for 2009

Leadbitter has reported a 7 per cent drop in turnover in 2009 but a profit rise to £13 million.

In a statement to the Dutch stock market, Heijmans said its UK subsidiary, Leadbitter, saw turnover fall by £29 million to £377 million. During 2009 Leadbitter made an operating profit of £13 million, a £1 million increase on 2008, while the value of Leadbitter’s order book fell by 17 per cent during 2009, to £283 million.

Around 80 per cent of Leadbitter’s turnover comes from the public sector.

The results filing also described how profits were maintained despite falling revenue because of lower procurement costs.

The UK division outperformed the group as a whole, which saw revenue down 15 per cent and a loss of £7 million.

Commenting on the results and the future outlook, Heijmans chairman Rob van Gelder said: “Activities in the United Kingdom and Germany made a positive contribution despite difficult market conditions.

“Due to the selective contracting policy, the difficult situation in the construction sector in general, the declining revenue in the housing sector in particular, and the loss of revenue due to the disposal of business units, Heijmans expects revenue to further decline in 2010.”