Michael Graham: ‘a very positive performance’

A strong recovery from the lows of the first lockdown enabled building contractor Graham to post an increase in profit and repay the furlough support it received from the government.

Despite a difficult start to its financial year from April to June last year, the company posted a 7.44% rise in profit before tax to £12.33m for the 12 months ending 31 March 2021. This was achieved despite a £45m fall in revenue to £808.1m.

Cash at the bank and in hand increased to £118.9m (2020: £72.9m) which allowed the company to improve its supplier payment statistics.

Each business unit – building, civil engineering, interior fit-out, facilities management and investment projects remained profitable throughout this latest accounting cycle.

In early 2020, the onset of the Covid-19 pandemic created uncertain operating conditions and led to a reduction in productivity as the entire construction industry adjusted to government restrictions and guidance. 

Revenue between April and June 2020 was reduced by 42% (c.£100m) against pre-Covid forecast levels.