Concrete specialist sees revenue fall by over a quarter

Revenue for concrete and ground specialist Getjar fell by more than a quarter in 2020, as it continues to grapple with COVID-related issues.

Turnover at the Hertfordshire-based firm dropped from £100.5m in 2020 to £73.3m in 2021, representing a decline of 27.1 per cent, while pre-tax profits fell by 12 per cent to £4.2m.

Revenue peaked at £138m in 2019, but factors such as the outbreak of the COVID-19 pandemic have seen the group record declining numbers over the past two years.

Getjar chairman Michael Masterson said the latest account figures showed “consistent profitability”, but admitted that “uncertainties around COVID continue to exist”.

He said: “The company had another successful year, and we completed and handed over projects to programme, despite the unprecedented challenges faced, such as the continuing COVID-19 pandemic, the economic uncertainties, the trades and material shortages, supply-chain issues and price increases.

“We commend our experienced team, and strong commercial and financial resources that gave us that successful year, and we remain proud of our £17.8m-strong and liquid balance sheet.”

Masterson added that profit margins had become “even more challenging” given the current issues within the industry, stressing that “caution remains the order of the day” for the firm.

The accounts for 2021 showed that sales dropped for the firm, falling from £90.9m in 2020 to £64.6m in 2021 – a decline of 28.9 per cent. Operating profits dropped by 11.2 per cent, from £4.7m to £4.2m.

Revenue for the firm jumped 30 per cent in 2019, after strong demand in London helped to increase its turnover from £107m to £138.2m.

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