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'Exceptionally good results' for Lovell
00:00 29 Jun 1995
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Lovell posted pre-tax profits of œ0.8 million for the half
year to June thanks to 'exceptionally good results' from its
construction companies.
Group turnover was up by a third at œ138 million, compared to the half year to 31 March 94, when losses of œ1.1 million were declared.
Contracting made operating profits of œ1.6 million after a small loss the year before. Increased workload - turnover was ahead 65% at œ67 million - and improved contract settlements were the key to this year's earnings.
However, the upward trend may yet prove to a blip: orders were down 30% at the year end and, in spite of a recent œ30 million intake, are expected to fall away during the rest of the year as margins worsen on new work.
Plant hire was a strong performer turning in profits of œ865,000 (1994 - œ114,000) on turnover of œ7 million. The board is considering organic expansion of its activities.
But the main challenge for Lovell remains to reduce gearing, which stands at 100% including off balance sheet debt.
Group turnover was up by a third at œ138 million, compared to the half year to 31 March 94, when losses of œ1.1 million were declared.
Contracting made operating profits of œ1.6 million after a small loss the year before. Increased workload - turnover was ahead 65% at œ67 million - and improved contract settlements were the key to this year's earnings.
However, the upward trend may yet prove to a blip: orders were down 30% at the year end and, in spite of a recent œ30 million intake, are expected to fall away during the rest of the year as margins worsen on new work.
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Plant hire was a strong performer turning in profits of œ865,000 (1994 - œ114,000) on turnover of œ7 million. The board is considering organic expansion of its activities.
But the main challenge for Lovell remains to reduce gearing, which stands at 100% including off balance sheet debt.
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