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Team effort hikes up Harrington margins

FINANCE Client relationships help concrete contractor make £5.8m profit on £78m turnover

PC HARRINGTON, the concrete contractor on the redevelopment of Wembley Stadium, managed to push its margins up to 7.5 per cent last year.

Results filed at Companies House show that PC Harrington Contractors turned in a thumping £5.8 million operating profit on £78 million turnover in the 18 months to May 2002.

Chairman Pat Harrington said: 'PC Harrington has shown a steady year-on-year increase in business and our programme of investment, in terms of both technology and enhanced services, will ensure continued growth into the future.

'These excellent results are a reflection of the efforts of our entire team, who have worked diligently to cultivate and maintain good working relationships with new and existing customers.'

In the year to November 2000, Harrington produced an operating profit of just £1.3 million on £54.6 million. Pre-tax profits were £1.5 million. The latest results for 2002 produced pre-tax profits of £6.2 million.

With the six directors taking total dividends of just £500,000, the firm retained a profit of £3.8 million - more than a third of the £13 million that it spent on Hewden Stuart's tower crane arm last October.

Mr Harrington added: 'The acquisition in October 2002 of HTC Plant, which runs as a completely autonomous operation within the group, is part of our ongoing strategy to develop the group as a whole.'

In the latest year, PC Harrington Contractors paid £3.4 million for hired plant from P&E Harrington and £25.4 million for labour from PC Harrington Formwork.

steve. menary@construct. emap. com