Bryne Bros (Formwork) unveils over £5m profit

Byrne Bros (Formwork), the reinforcement concrete frame specialist, has enjoyed an upward push in its pre-tax profit figure to £5.1m.

This represents a margin of 3.6% as turnover (12 months to 31 May 2007) ran to £140m.

In the previous year, a margin of 3.5% was the result of a £112m turnover generating a £3.9m profit.

The group’s statement reported: “There is increased activity in our market symptomatic of an ongoing commercial property boom, with steady growth in retail, leisure and mixed housing developments.

“Material prices, particularly steel reinforcement remain volatile with isolated pricing spikes caused by increased international demand.”

Bryne’s policy of employing people on the single consideration of “competence and ability to carry out their job function” has resulted in the company now boasting of having staff from 36 different nations.

The company reports that it holds regular meeting with employees to discuss contracts, personal development, their financial status and future prospects.

During the year, Byrne made good progress towards the MCG target of 100% CSCS registration for its employees and the figure at the company now stands at over 95% with all the outstanding not-yet-registered individuals working towards that target.

“This should be viewed extremely positively by MCG members who are demanding registration or full accreditation before employees are allowed to work on their sites,” says the group.

It terms of payment to creditors, the policy for suppliers is to pay for goods and services at the end of the month following the month of supply. The company’s average payment period of 32 days is a reflection of this.

Sub-contractors, of whom many enjoy more preferential terms, have a shorter average period of payment of 23 days.

The total number of employees was 475, a rise of 46.

The highest-paid director received £500,000, identical with his pay in the previous year.

Shareholders received a dividend of £2m, a mirror of the picture in 2006.