172 jobs lost as Tolent turnover falls 42%

Grant Prior 13 years ago
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Tolent Construction is looking for an improved performance this year after turnover dropped by 42% in 2009.

Results for the year to December 31 2009 show that turnover at the Gateshead based firm fell to £87m from £150m in 2008.

Tolent delisted from the AIM market in February and shed jobs last year as the workforce fell to 450 from 622 slashing more than £5m from the wage bill.

The highest paid director at the firm also took a slight cut in pay to £300,146 from £300,219.

Tolent bosses blamed a series of stalled schemes for the drop in turnover.

The results stated: “A number of developers were unable to raise the funding to commence or complete projects even after Tolent had secured the work.”

Profits also came under pressure with pre-tax figures falling to £596,000 from £2.88m as margins dropped to 1.32% from 1.34%.

Tolent operates from five regional offices and specialises in industrial, commercial, residential, petro-chemical, fit-out, civils and health.

The firm hopes its private sector order book will lead to an upturn in work this year and chairman John Wood is aiming to get turnover back to £100m.

He said: “In the last few months there are signs things are kicking off. Our office is busy and we do not anticipate any further cutbacks.”

But the company warned: “Margins in the general contracting industry remain low with companies continuing to tender and negotiate contracts at very low margins.”

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