Simons confident of recovery after £3.9m loss

Aaron Morby 4 years ago
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A major loss making contract and post-Brexit vote project hiatus saw Simons Group slide to a £3.9m loss last year after just breaking even the year before.

Chairman Paul Hodgkinson said Simons Group is back on a growth footing after restructure
Chairman Paul Hodgkinson said Simons Group is back on a growth footing after restructure

A Brexit delay in five projects also hit turnover, which slid 15% to £120m in the year to March 2017.

Losses on a project around the M25 and lower volumes hit the year-end cash balance which was down to £8.8m from £18.5m in 2016.

Chairman Paul Hodgkinson said Simons Group was restructured 12 months ago to reduce overheads by £1m.

It now operates as six profit centres across construction, development and design activities, each with with revenue, profit, cash and customer delivery targets.

He added that plans for this year would revolve around rebuilding the balance sheet and providing a solid financial platform to allow future performance.

Hodgkinson said: “We continue to focus on being best in class in retail, logistics and health across our trading activity of development, construction and design.

“We look forward to returning 2017-18 to a more positive outlook, we are very mindful of the way our staff had to tackle the difficult circumstances the 2016-17 trading year has caused.”

 

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