The Durham-based firm saw a dip in turnover but pre-tax profitability remained stable in a year that brought ‘unprecedented challenges’.
North East construction and demolition group MGL says it adapted well to the challenges of the pandemic though it saw a fall in turnover in its 50th year.
The Durham-based firm – which employs about 450 people and also has a site in Newburn, Newcastle – saw turnover fall from £65.3m to £56.4m in the year to the end of March 2021, but pre-tax profits remained broadly flat, falling only slightly from £3.2m to £3.1m.
MGL said the pandemic had impacted it but that was mitigated by a rapid response at its outset including significant investment in laptops and other IT equipment to allow all support functions to work from home, something totally new to the business.
Turnover is expected to be back to pre-pandemic levels in excess of £65m this year, thanks to a record order book across all divisions and robust liquidity.Source: Business Live