Two UK demolition companies have reported a drop in profit despite an increase in turnover.
UK trade magazine Construction News has reported that both 777 Demolition and Coleman & Co., both among the best-known of the UK’s demolition contractors, have both reported lower profits against increased turnovers.
Demolition companies Coleman and 777 Demolition both reported higher turnover but falling profit in accounts for the financial year to 30 April 2009, filed with companies house this week.
Coleman saw its turnover rise by three percent to £15.5 million while 777 enjoyed a six percent increase in turnover to £13.4 million. However, profit before tax fell by £80,000 to £0.5 million for Coleman and by £130,000, to £47,000 for 777 Demolition.
Against the backdrop of one of the worst and longest economic recessions in recent history, the fact that the companies made a profit at all is worthy of applause.
But, possibly because of the timing of this announcement following my earlier (and incorrect) piece on the Three Sisters tower blocks, something else struck me about these figures. As avid reader Jack Westwood pointed out earlier today, Coleman & Co. is the proud owner of the UK’s largest high reach excavator, while 777 owns and operates the country’s third largest high reach.
We might be adding two and two to make five here; but it will be interesting to see the figures posted by DSM – owner of the UK’s second biggest high reach!
Read the full story here.
