Partner Article

Roofer remains strong despite dire conditions

PROFITS at a County Durham roofing firm have held up close to the £1m mark despite a 45% slump in the industry.

Bishop Auckland-based Hathaway Roofing said in its annual report that it made a £810k profit in the year ending 31 March 2010, compared to £606k the previous year.

The strong performance for the business came despite a £4m dip in annual turnover to £18m during the financial year.

Meanwhile, the company cut its average workforce from 120 in 2009 to 96 this year, reducing employment costs by around £3m to £3.5m.

The firm said: “The directors consider that the year’s results are very strong taking into consideration the declining economic climate and general reduction in demand within the construction industry of about 45%.

“Costs are carefully controlled and the directors anticipate a similar profit level for the current year.

“By maintaining this approach and current capacity the directors believe that the company can benefit from any upturn in the industry.”

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