Construction firm GRAHAM has reported a 'positive' financial performance in its latest published accounts for the financial year, up to 31 March 2021.

The contractor recorded profit before tax of £12.33 million – an increase of 7.44%. In parallel, profit before tax margins rose to 1.5%.

Cash at bank and in hand also increased in the period to £118.9m.

Each business unit, comprising of building, civil engineering, interior fit-out, facilities management and investment projects, remained profitable throughout this latest accounting cycle.

Overall revenue for the year was £808.1m – a £45m decrease from the 2020 financial year.

In early 2020, the onset of the Covid-19 pandemic created uncertain operating conditions and led to a reduction in productivity as the entire construction industry adjusted to government restrictions and guidance.

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Highlighting the intense challenges, revenue in the three month period from April to June 2020 was reduced by 42% (c£100m) against pre-Covid forecast levels.

In an effort to protect the employment of 2,200+ staff, GRAHAM availed of the Coronavirus Job Retention Scheme.

As soon as market conditions stabilised, the contractor was positioned to repay the furlough grants it received from 1st July 2020.

Michael Graham, GRAHAM Group Executive Chairman, stressed the importance of the collective efforts of the workforce as key to the Group’s performance. He said: "The published accounts are very positive. Without question, this has been a particularly challenging period for every contractor in the construction industry. This makes our latest financial figures even more impressive. In such an unprecedented time for wider society, our priority was simultaneously ensuring the health and safety of all of our people while protecting the future of our business. A sensible, pragmatic leadership approach has helped us to achieve these twin objectives. Throughout the pandemic, our staff, supply chain and subcontractors have gone above and beyond. I want to thank each of them and their families for their immense efforts."