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Cleveland Bridge turnover up 40pc

Steel and bridge specialist Cleveland Bridge reported a 40 per cent jump in turnover to £65.3 million for the year ended 31 December 2009.

Pre-tax profit rocketed by 148 per cent to £5.17million.

Turnover in the financial year to 31 December 2008 was £46.4m, while pre-tax profit was £2.1m.

A very strong result from the firm’s bridges division, where turnover more than doubled to £43.2m, compared to £19.9m a year earlier, led the recovery and more than offset a £9m decline in revenue from the oil and gas sector.

In a sign of the recovery in the commercial sector, revenue increased by £4.4m to end the year at £13m.

In a statement accompanying the results, directors said: “Numerous small and medium sized projects have been secured in Cleveland Bridge UK’s core business of road and rail bridges, and bridge refurbishment.”

“Further major projects are being sourced in the bridge construction, bridge refurbishment and commercial buildings sectors, utilising the great fabrication and technical strengths of the group.”

The firm, which worked on the new Wembley stadium, generated positive cash flows during the year and reduced debt levels from £28.8m to £27.5m and the number of employees at the firm increased from 371 to 421.