Motherwell Bridge Resurgence Continues
By webmaster
August 28, 2006
Motherwell Bridge Ltd, the Lanarkshire-based engineering contractor which narrowly avoided complete collapse three years ago, has announced an “extremely encouraging” set of figures for the year to June 2006.
Making the announcement, company chairman Hugh Hayes said that profit before tax was up from £2.9M a year ago to £4.7M, an increase of 62 per cent. Turnover was also up from £93M to £97M, reflecting some strong contract activity in the year.
Mr Hayes said: “All companies in the group made a major contribution to the results, which was especially rewarding considering the disruption and duplication of costs that was incurred following the relocation of MB Inspection’s facilities in Aberdeen earlier this year - the last of the group’s major sites to be upgraded.
“We also managed our net borrowings down by £6M, and made a final payment of £1M to the old pension scheme. Following the group restructuring in 2003 we had promised that we would pay £2.9M into the scheme by September 2005 and I’m delighted that we were able to do this in full, on time.”
After the year-end the group sold surplus property at its Motherwell headquarters to Bett Homes, which will build a mix of over 140 houses and flats on the 10 acre site. The sale will net around £2.5M after tax for the company in the 2006/07 financial year.
Mr Hayes said: “The derelict workshops and temporary offices that stood on the site had not only become surplus to requirements but were something of an eyesore and Bett’s residential development will be a huge improvement. It’s also been decided that the development will retain the iconic Motherwell Bridge tower which we’ve had repainted by MB Inspection’s Hi Rope team.
“Our order books remain strong for the group and the newly-opened representative office in the UAE is now operational and is already following up enquiries for 2007 and beyond. I don’t expect the office to pay for itself in the short term, but it’s a sensible long-term investment for the group as we are trying to re-establish our credibility outside the UK.
Mr Hayes concluded: “Motherwell Bridge has come a long way in the last three years - from near-collapse, through recovery, to trading strongly. It is now a viable and buoyant business group with an excellent team spirit and I’m continually impressed by the determination shown by everyone throughout the organisation.”
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