But stricter risk management at construction alongside growth at its residential business brought rewards with pre-tax profit soaring to £15.1m from £5.6m the year before.
Revenue has now slid from £223m in 2019 to £164m last year, due for the most part to a fall in activity at the construction division.
John Hartnett, managing director at Eric Wright Construction, said that while the construction division turnover decreased to £50.3m, from £74.9m in 2020, this was mainly due to the lack of work available for tender during 2020 and a strategic decision not to fill the order book by taking on undue risk.
“A much-improved financial result has been achieved in comparison to previous years due to strong commercial and operational control,” he said.
“Our results demonstrate the upward trajectory the construction division is on; we have successfully secured sufficient work for 2022 and engaged in robust and effective risk management ensuring there are no loss-making contracts.”
Hartnett added: “The strong pipeline means that the business is well positioned to achieve sustainable, profitable growth, which we are confident will be reflected in next year’s results.”
Group managing director, Jeremy Hartley said that the wider group business would benefit from the commercial strength and stability afforded by its breadth of activity from civil engineering thorough commercial and residential property to FM.
“The group remains focused on mitigating issues around pricing strategies and meeting the current unprecedented inflationary pressures as successfully as possible.
“We aim to ensure that we do not take on any undue risk and continue to carefully consider and evaluate the deliverability of every new project.”