Graham remains robust despite fall in profits

Andrew Bill: inflationary pressures

Building company Graham has seen profits fall for a second consecutive year as it shouldered industry-wide cost pressures.

The contractor and developer, whose projects included a 346-unit Build to Rent development in Glasgow’s Candleriggs, saw profit before tax come in at £14.8m for the year to the end of March down from £15.11m in 2023 and £19.03m in 2022.

Turnover continued to rise, up 2.8% last year to £1.125 billion against £1.093.7bn in 2023 and £948,320 in the previous 12 months.

Across the industry, higher borrowing costs and the evolving regulatory and legislative environments have led to a slow down in planned start dates for major construction projects while impacting upon contractor profitability.

Despite these pressures, there is a record pipeline of secured work in excess of £2bn.

Andrew Bill, Graham Group chief executive, said the latest figures “underline the strong performance of each our divisions within our core market sectors.

“The continued success of the group has been achieved despite global economic uncertainty and inflationary pressures.

“The market has been challenging but our consistent focus on quality delivery and commitment to securing repeat business through the development of collaborative client relationships have allowed us to grow sustainably over the past year.

“Looking forward, we have developed a significant pipeline of opportunity to allow us to positively approach the next 12 months, and beyond, with energy and optimism.”

The company’s other projects include the interior fit-out of BT’s 76,000 sq ft offices in Dundee, while it has secured planning consent for 700 homes in Meadowbank, Edinburgh.

At Lord’s Cricket Ground, the company has been named as the preferred bidder for a redevelopment project encompassing the Tavern and Allen Stands.

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