Partner Article

Tolent defiant despite tough year

CONSTRUCTION group Tolent said its healthy order book would help it to a profitable 2010 despite suffering a 42% plunge in annual turnover.

The Gateshead firm, which developed the new Newcastle City Library and Haymarket Hub metro station, saw its turnover plummet from £150m to £87m in the year ending December 2009.

Total operating profits decreased to £231,000 from £1.8m in the same period, while the firm was forced to cut its headcount by 172 to around 450 during the year.

However, the company said it has a reasonably healthy order book and a number of schemes in the pipeline for later in the year.

“The directors look forward to a profitable 2010 whilst recognizing it will be a challenging year in view of the economic climate,” read a company statement.

“Our strategy is to continue to grow organically, but at the same time make selective acquisitions should the opportunity arise.”

Last year Tolent’s work included a £20.3m contract to develop Senate House for The University of London, a £6m contract on Staythorpe Power Station for Alstrom and a £12.6m contract for Apex Hotels in London.

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