William Hare earnings drop more than 50%


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Steelmaker William Hare saw its profit more than halve in 2020. The group’s pre-tax profit fell from £5.3m to £2.4m in the 12 months ending December 31, 2020, according to its annual calculations published today. The turnover also decreased during the same period, from 203.1 million pounds to 191.7 million pounds. The accounts offered no explanation for the performance, though they did note the strength of the company’s order book in 2021 and stated that the company was still monitoring the fallout from the coronavirus pandemic. “It is encouraging to note that high-quality projects continue to emerge in the market and the range of opportunities remains good, reflecting the group’s position in the UK and global markets,” the accounts added. In March 2020, CEO David Hodgkes passed away after contracting COVID-19 at the age of 71. He was the grandson of William Hare, who founded the company in 1945. Despite declining profits, the company’s money and the like at the end of the year amounted to £24.3 million – an increase from the total of £24 million recorded in 2019. Total William Hare employees decreased in the UK from an average of 756 in 2019 to 748 last year. The company claimed up to £75,000 of cash leave between December and February, but did not claim from the government fund in March, April or May. As in 2019, the group did not pay a dividend in 2020.


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