Keltbray, a leading UK specialist engineering and construction business, today releases its Annual Report and Consolidated Financial Statements for the year ended 31st October 2020. The company also reveals a new core purpose: ‘To redefine the way sustainable development is delivered’ as part of its drive to support its customers’ environmental, social and economic goals and contribute towards the decarbonisation of the built environment.
Despite a challenging year, against a backdrop of Covid-19 and market uncertainty, the Group posted a resilient performance. Highlights include:
- Group EBITDA of £3.3m with a good underlying performance across its Infrastructure businesses which were largely unaffected by the Covid-19 pandemic
- Group Loss Before Tax of £9.4m driven by the costs of Covid-19, the revenue impact of temporary site closures and delayed projects, and restructuring costs, predominantly within the Built Environment businesses
- Closing positive cash position of £25.0m with £20.0m of secured, unused banking facilities
- Forward order book maintained at £224.0m.
Keltbray continues to invest heavily in sustainable innovation and can confirm it had a strong sustainability performance, with 100% of its fixed locations now using renewable energy, and its industry-leading use of Earth Friendly Concrete (EFC) as a standard product as part of its service offering to customers. Keltbray has also became one of only a small number of contractors in the construction sector to achieve the Carbon Trust Standard as part of its goal to achieve carbon neutrality by 2050.
Brendan Kerr, Group Executive Chairman commented:
“As I reflect on the year, my overwhelming feeling is one of pride for the tremendous work that my executive team and all my colleagues across Keltbray have done to face the challenges head on, continue to deliver the essential services our customers and the wider UK demand, and protect the business for the future. Beyond any financial metrics, it truly has been a year of human accomplishment.”
Darren James, Group Chief Executive said:
“These results cover a period of intensive challenge for Keltbray and the entire industry, none of whom have been immune from the effects. Although we’ve had to handle lockdowns, fundamentally revise working practices, and take tough decisions to safeguard our business and the jobs it provides, I am pleased to report that as a result of our strategic diversification, Keltbray finished the year in a strong cash position and is making good progress in strategy execution.
“Our long-term aim is to become a more sustainably profitable specialist engineering business by investing in our talented workforce, innovative engineering technologies and core self-delivery capabilities. We will target opportunities in sectors that most benefit from the certainty of our innovative approach. This approach is reinforced in our new core purpose – To redefine the way sustainable development is delivered. This, along with our strong governance, bodes well for the future of Keltbray.”
Peter Burnside, Group Financial Officer said:
“The Group has posted a consistent financial performance in the 2019/20 financial year, despite the ongoing pandemic and resulting market uncertainty. A focus on operational excellence through our Covid-19 smart working practices, and disciplined cost control was rewarded at the year-end with a good quality order book being maintained, a strong net cash position and balance sheet resilience, enabling us to continue to enhance our self-delivery capabilities, and capitalise on a strong mid-term pipeline of opportunities.”
The full 2021 Annual Report and Consolidated Financial Statements is now available to read and download on the Keltbray website (www.keltbray.com/publication/)
Group Director, Corporate Communications
Keltbray Holdings Limited
Tel: +44 (0)7860 954620
Corporate Communications Manager
Keltbray Holdings Limited
Tel: +44 (0)7395 792301
Notes for Editors
Keltbray is a leading UK specialist engineering and construction services business, offering a unique self-delivery capability spanning key phases of the construction value chain – civil engineering, geotechnical, asbestos management, demolition, piling and reinforced concrete structures, decommissioning, remediation, rail, power distribution and transmission, and environmental services.
The company was founded in 1976 and is privately owned, directly employs over 1,700 people, and is a key delivery partner to blue-chip public and private sector customers, contributing to the development and maintenance of Britain’s rapidly changing economic infrastructure and built environment.
Keltbray provides certainty of delivery to meet the needs of diverse and complex projects. Its professionally trained employees take pride in delivering safely and sustainably, on time, to budget, and with care for the environment and our communities. Keltbray has successfully completed a range of high profile construction projects on schemes including The Shard, Queen Elizabeth Olympic Park Stadium, St Pancras International, Crossrail, Earls Court, Battersea Power Station, Ferrybridge Power Station decommissioning and HS2.