Cleveland Bridge builds momentum as profits rise
Cleveland Bridge has reported profits of £4M for its financial year ending 31 December 2016 – an increase of more than £1.5M on the previous year.
Cleveland Bridge said it has secured a number of UK and international projects for 2017 and 2018, which will support further turnover growth, which is forecast to be in the region of £60M in 2018.
The company also said that these projects reflect the company’s success in rebuilding its order pipeline, which has been achieved through increased UK construction market share growth and improved client relationships
In addition to its well-established infrastructure business delivering the fabrication and erection of bridges, Cleveland Bridge has also returned to the building structures and bridge services markets, sectors in which the company has previous extensive experience and skills.
Building upon the achievements of the management team that was put in place in 2015 and helping return the company to profit for the first time in five years, Cleveland Bridge has made investments in its market intelligence capabilities and expansion of its bid team to deliver an increase in contract opportunities and growing order book for the company.
Cleveland Bridge Managing Director Chris Droogan said: “The focus and ability of the new management team, supported by our talented, skilled and dedicated workforce has enabled the business to not only achieve a second successive year of profit, but deliver a significant increase.
“The investments we have made in our facilities, equipment, processes and people are ensuring that Cleveland Bridge can successfully continue an engineering legacy of 200 years, which has seen the company achieve a global reputation across six continents.
“We are well-placed to benefit from continued infrastructure investment in domestic and international markets, which will enable the company to strengthen its market share and underpin profit and growth expectations.”