Partner Article

National expansion beckons for Cordell

Multi-faceted engineering group Cordell has set out plans to expand nationally through acquisition despite seeing its annual profits slashed amid ongoing tough trading conditions.

The Stockton company, which is involved in project management, engineering design and site construction alongside other services, saw its annual turnover drop from £2m to £38m last year.

Pretax profits in the year to July 2009 fell from £1.5m to £600,000 while group operating profit slumped below the £800,000 mark – down from £1.6m the previous year.

However the company said it remains optimistic about its future growth and intends to enter a number of new markets and is also on the hunt for new acquisitions.

A company statement said the firm’s expansion would be “best served by a greater geographical spread of services that it provides, outside of its predominant North East base.”

“Future business acquisitions will be primarily aimed towards obtaining operational bases in other UK regional areas.”

The group, which employs around 580 people, also aims to target new revenue streams related to power and utility services plants, environmental development works and commercial property development projec

This was posted in Bdaily's Members' News section by Ruth Mitchell .