The group reported a £3.3m loss in the 18 months to October 2020 from revenue of £26m. Around £1.7m of the losses came from the failure of a subcontractor to fulfil its part of a contract leaving Coleman to complete the work.
This followed a £616,000 loss in 2019, and 2.8m in 2018.
But after a business restructure, which saw staff number cut by half as the firm slimmed down to target £15m-£18m annual revenue, group chief executive Mark Coleman predicted the business would return to profit in 2021.
He said: “Since the year-end the directors have continued with the re-organisation programme. With the new slimmed down structure, the directors are confident of a return to profit in 2o21.”
Within the CNC holding group structure, the main Coleman demolition business reported a pre-tax loss of £2.1m.
Coleman Specialist Cutting ran up a near £650,000 loss, and Coleman Remediation returned a loss of £690,000 after nearing losses of £320,000 in connection with the major loss-making contract it shared with the demolition operation Coleman & Company.
The group also sold all plant not being effectively utilised raising £2m, with only a loss of 0.5% on value.