Northern Ireland-based contractor blames knock-on effects of āmajor contractor collapseā and failure of a JV partner
Graham Group, the privately-owned Northern Ireland-based contractor, has reported an 18% dip in annual pre-tax profit.
It is the second year in a row the firm has posted a decrease in its profit.
Despite reporting a 36% hike in turnover ā to Ā£768m ā for the year to the end of March 2018 the firm said margins had been hit by what it called āthe knock-on effects of a major contractor collapseā, thought to be Carillion, and the collapse into administration of an unnamed joint venture partner.
Graham Group had been in a joint venture with Lagan Construction Group, working on a Ā£100m project to redevelop Green Port Hull for Associated British Ports. Lagan Construction Group was one of four Lagan-related companies which went into administration in February this year.
Despite the profit dip the firmās executive chairman Michael Graham (pictured) said it was āat a level that the board is happy with following a year of extraordinary investment in the businessā and what he called āissues in the wider industryā.
Recent projects completed include a Ā£113m student accommodation scheme for York University, while the group has been appointed to a number of frameworks including the Department for Work & Pensions and the Ā£750m Clyde Commercial Framework.
The group employs around 2,000 staff operating from 17 offices across the UK and Ireland. It opened offices in Leeds and Liverpool during the year.
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