Cleveland Bridge UK Ltd maintains profitability against backdrop of uncertainty in construction sector
Cleveland Bridge UK Ltd has delivered its fourth consecutive year of profits, adding further strength to its balance sheet and continuing to grow its order book with a pipeline of new projects.
Set against a backdrop of uncertainty in the UK construction sector due to Brexit, the Darlington-based company achieved a turnover of £37m for its financial year ending 31 December 2018, with an operating profit of £1.2m and strengthening of its balance sheet.
Cleveland Bridge continued to grow its order book in this period and entered 2019 with a very strong order position and positive pipeline of projects. It also expects to make further investments to improve on its operational costs in 2020 as it delivers its strategic programme of continuous business improvement.
Throughout the year the company has also strengthened its relationship with its sister companies based in the Middle East, increasing the global reach of the business.
In 2018 Cleveland Bridge also opened an office in Newport to provide Sales, Design, Engineering and Project Management functions to support projects in Wales and the South West of England.
In addition to its well-established infrastructure business, Cleveland Bridge has also returned to the Building Structures and Bridge Services markets, sectors in which the company has previous extensive experience and skills. A large project to carry out rehabilitation and maintenance work on the Humber Bridge, originally fabricated by CBUK is on schedule to be completed next month.
The business has recently completed over 1.2million hours without a Lost Time Injury. The company now employs more than 250 people, including 23 apprentices, and supports a cohort of contractors and local supply chain companies at its 22-acre UK site.
Phil Heathcock, Chief Financial Officer of Cleveland Bridge UK, said: “The investments we have made in people, processes and technology has ensured Cleveland Bridge UK Ltd has remained profitable in an uncertain market. The Brexit effect has been negative on UK construction order flow, but we have remained agile and competitive, alongside our reputation for consistently delivering projects to satisfied customers, enabling the company to continue to return positive financial results.”