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Simons profits up despite revenue plunge

Late starting jobs did not hamper Lincoln contractor Simons with the firm edging up profits to £3.4 million last year.

The firm said delays on key projects and reduced activity with a number of its clients meant turnover dropped by one third to £149 million in the year to 31 March.

But pre-tax profits edged up nearly three per cent which the firm said, in a statement accompanying its annual results filed at Companies House, was down “to improved margins and an increase in interest receivable, related to higher cash balances held during the year”.

It said that its key clients include DIY retailer B&Q along with Wal Mart, the owner of supermarket giant Asda. It said that key customers make up 94 per cent of its activity.

But in the statement, the firm admitted that it had missed its accident frequency target for the year. It added: “We are applying more resource to ensure that this adverse trend is redressed.”

The number of employees at the contractor dropped by a quarter to 377 trimming the wage bill by just over £3.5 million. The salary of the highest paid director, who is not named, was up five per cent to £152,000.