Rising costs tip William Hare to £3.6m loss

Despite resurgent revenue soaring by more than 60% to nearly £220m, the steelwork contractor suffered a £3.6m loss compared with a £1.3m profit in the previous heavily impacted 2020 Covid year.

The country’s second biggest steelwork contractor said its order position remained very strong following significant wins this year with cash at bank of £15m at the 2021 year end.

Chief executive and chair Susan Hodgkiss said: “As the economy recovered from Covid, the structural steel industry has been subject to significant price increases throughout the cost base.

“In addition, since the balance sheet date, the industry has experienced further increases in prices for steel and other material largely attributable to the war in Ukraine and its impact on global supplies.”

She said the impact of  price increases both prior to and following year end at on-going projects had been included in the December 2021 results.

Staff levels at the main William Hare operating business remain steady at 671.

The wider group business which employs 1,761 staff – 974 in the rest of the world – reported a pre-tax loss of £2.2m from revenue up a quarter to £240m.

 

Leave a comment