Cleveland Bridge UK Ltd has reported profits of £4million for its financial year ending 31 December 2016 – an increase of more £1.5m on the previous year.
The results mark the Darlington-based company’s second successive profitable year, after many years of losses this reflects the continuing success of its new management team in delivering widespread improvements across the business along with new growth to Cleveland Bridge UK Ltd.
Cleveland Bridge UK Ltd has secured a number of UK and international projects for 2017 and 2018, which will support further turnover growth and is forecast to be in the region of £60m in 2018 (£44.2m in 2017), whilst also maintaining the company’s continued profitability.
These projects reflect the company’s success in rebuilding its order pipeline, which has been achieved through increased UK construction market share growth and improved client relationships. Investment in infrastructure, in the UK and internationally, is also providing long-term opportunities for the business.
In addition to its well-established infrastructure business delivering the fabrication and erection of bridges, Cleveland Bridge UK Ltd has also returned to the Building Structures and Bridge Services markets, sectors in which the company has previous extensive experience and skills.
Building upon the achievements of the management team that was put in place in 2015 and helping return the company to profit for the first time in five years, Cleveland Bridge UK Ltd has made investments in its market intelligence capabilities and expansion of its bid team to deliver an increase in contract opportunities and growing order book for the company.
The management team also developed and introduced new safety procedures, operational improvements and an expansion of its workforce. The company employs more than 300 people, which includes 23 apprentices, and supports a cohort of contractors at its 22-acre UK site.
Chris Droogan, Managing Director of Cleveland Bridge UK Ltd, said “The focus and ability of the new management team, supported by our talented, skilled and dedicated workforce has enabled the business to not only achieve a second successive year of profit, but deliver a significant increase.
“The investments we have made in our facilities, equipment, processes and people are ensuring that Cleveland Bridge UK can successfully continue an engineering legacy of 200 years, which has seen the company achieve a global reputation across six continents.
“We are well-placed to benefit from continued infrastructure investment in domestic and international markets, which will enable the company to strengthen its market share and underpin profit and growth expectations.”