Keltbray suffers a £ 9m loss as revenue falls by a quarter


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Keltbray suffered a £ 9.4m loss before tax in 2020 as the pandemic disrupted his business. COVID-19 has caused contractor sites to shut down temporarily and to delay projects. The pandemic, along with the completion of large contracts the previous year, reduced Keltbray’s sales by £ 135 million – from £ 563 million to £ 428 million – for the year ending October 31, 2020. The company also carried out restructuring during the year with 270 jobs cut, adding £ 1.5m in recurrence costs. The company said the move helped it cut its overheads by 11.9 million pounds, however. A loss of 9.4 million pounds in 2020 contrasted with a pretax profit of 10.5 million pounds in the previous year. CEO Darren James said the period was one of “intense challenges” for the entire industry as well as for Keltbray. James also cited the killing of a Keltbray worker on a Scottish Power Networks project in the Scottish Border Region in January of this year. James said the company was cooperating with the investigation by HSE and Police Scotland. “This tragedy only strengthens our resolve to send our personnel, and all those affected by our activities, home safely at the end of each day,” he added. Keltbray, which does a lot of its business in London, has demanded £ 6.4m for registered employees under the government’s plan to keep coronavirus jobs. The company also revealed that in March 2021 it had secured a £ 14.5 million loan for large business disruptions due to the Coronavirus. James said, “Although we had to deal with shutdowns, fundamentally review business practices, and make tough decisions to protect our business and the jobs it provides, I am pleased to report that as a result of our strategic diversification, Keltbray has ended the year in a strong cash position and is making good progress in implementing The strategy “. Keltbray finished the year with £ 25.4 million in cash, up from £ 20.9 million the year before. The company also had access to a £ 20 million undrawn loan facility. The contractor ended the financial year with a bid book worth 224 million pounds. The company also announced new carbon removal commitments and said its “primary goal” now is “to redefine how sustainable development is achieved”. This will include Keltbray helping clients achieve environmental, social and economic goals. The company claimed that all Keltbray offices and fixed sites now use renewable energy. They also offer earth-friendly concrete, which does not use cement and can contain 50 percent less carbon than conventional concrete, as a standard choice for customers.


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