Carey Group to cut costs and staff numbers

Grant Prior 10 months ago
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Carey Group is embarking on a restructuring programme to cut costs and staff numbers as turnover falls following the Covid-19 pandemic.

Civil engineering Chief Executive Officer Steve Regan is also leaving the business.

Carey Group CEO Jason Carey said: “Having assessed our projected turnover for this financial year and as a result of the impact of the Covid-19 pandemic, the Carey Group is anticipating a decline in current turnover levels and as such has initiated a restructuring programme to better align our teams and cost base.

“Steve Regan has decided that after 14 years at Careys Civil Engineering, he now wishes to seek a fresh challenge but will remain at Careys in the short term to close out a series of projects and support Tommy Carey and myself with transitional plans.”

Latest results for the company showed a pre-tax profit of £1.57m for the year to March 31 2019 compared to £18.7m last time on turnover up to £575.5m from £510.5m.

The fall in profit was blamed on performance at the Irish contracting and UK demolition operations which lost £14.7m and £4.2m respectively.

The accounts show Carey employed 1,506 staff.

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