Strath firm reports positive financial figures

The Strath construction company behind the remarkable transformation of St Paul’s Church in Perth has recorded its profits rising by more than 50 per cent in the year ending March 2020.

Bosses at Aberuthven- based builders Hadden Construction say in newly-published accounts its sales climbed to £28.96 million last year and its pre-tax profits reached £282,348.

These figures compare to £125,655 for the year before. Secretary Anne Nicol said in a covering report the company’s directors found the results “disappointing”, however, although they recognised that “significant investment in infrastructure and resources had affected their net profit position.

Ms Nicol’s report continued: “The company’s sales in the current financial year have been materially impacted by the Covid-19 pandemic, which brought about three national lockdowns, all of which affected our output to varying degrees.

“The directors have ... taken steps through funding support offered by the government and other institutions to off-set expected decrease in turnover and associated overhead recovery and profit.

“These measures allow us to continue trading, securing future contracts and developments and maintaining our operating levels to keep us business ready for the return of normal trading levels.”

Ms Nicol went on: “The company’s core business remains as the construction and refurbishment of major public sector and commercial buildings and the development and construction of speculative housing for sale, together with new affordable housing for the public sector.

“Over 70 per cent of our turnover in construction is derived from framework projects which allow us to negotiate better terms in relation to pricing and programme risk.

“With us now appointed into 17 frameworks we see this healthier route of procurement continuing to be our main workstream.”